06 Mar 2018
Contactless card fraud increased to £5.6 million in the first half of 2017, the latest figures published by UK Finance show.
This figure comprises money stolen using the contactless function on both credit and debit cards, as well as from mobile services, such as Apple Pay. The current maximum spending limit for contactless payments is £30. Some retailers have called for this to be raised to £50 – however, finance experts are in agreement that the limit should not rise.
Sarah Lewis, Head of ID and Fraud Strategy at Equifax, said: ‘I think the £30 limit is sensible and it is safer for it to be kept at this level. If it increases, there’s more incentive for criminals to steal contactless cards, and the level of contactless fraud is likely to increase.’
Although the contactless card fraud figures appear to be significant, they are relatively low compared to the overall amount of money spent using this method of payment: around £23.23 billion was spent using contactless cards in the first half of 2017. However, with this method of payment becoming increasingly popular, and with experts stating that ‘cash and cheques are dying out’, this type of fraud is likely to increase.