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Michael Browne

Fraudster can still use cancelled stolen contactless cards

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Thousands of people with lost or stolen contactless cards have been warned they could be used by fraudsters up to eight months after they are cancelled.

 

The problem generally lies in contactless card payments being processed in one of two ways - 'online' or 'offline'.

 

When payments are processed online, the card and payment machine immediately communicate with the customer's bank. If a lost or stolen card has been cancelled, this will be flagged immediately and a payment not allowed.

 

Offline payments are stored in batches by retailers and processed online to the bank at a later point, sometimes a few days later with smaller stores. This can allow a thief buying goods on a stolen card to go undetected.

Read more: http://www.dailymail.co.uk/news/article-3779910/Thousands-contactless-cards-lost-stolen-warned-fraudsters-use-EIGHT-MONTHS-cancelled.html#ixzz4KtdyLapj

 

If your contactless card is lost or stolen make suer you check your statement for fraudulent transactions.

 

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what the hell? why did they introduced this kind of banking if its risky for the fraudsters?

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Thank you, that is very useful information. I've only one contactless card and when I tried it it did not work. I check my bank accounts each month and will keep doing so.

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