When it comes to card fraud losses, the UK carriers almost half the weight of total European losses. In 2018 alone, £671 million was reported in losses in the UK. Cards form an integral part of payment solutions and with each newly added functionality, there is also the added layer of risk. Contactless card payment technology was in the spotlight towards the end of 2019 and along with it, the ease with which hackers could bypass the £30 threshold. While the flaws in the technology leave consumers open to fraud, there are ways to prevent from becoming another statistic.
Limit The Accessibility To Your Cards
In just 10 months, hackers managed to steal almost £1.18 million. As a consequence, many security experts are urging consumers to limit access to their cards. This means never letting your card out of your site, or leaving it in an unsecured place such as unlocked drawers. This may surprise you, but even deciding on which pocket to put it in also makes a difference. A blazer pocket or breast pocket is preferable to a back pocket, as a device can easily skim over that area without anyone noticing. RFID technology can limit access to the cards and many of today’s products, such as jeans and wallets, are reinforced to block RIFD signals from transmitting.
Demand Better Security From Organisations
Contactless payments that exceed £130 or more than five transactions per day will be blocked, according to EU regulations. However, this is not the case across the globe, which means better security measures will need to be put in place by banks and card issuing companies. While contactless technology is convenient, it shouldn’t make consumers vulnerable to fraud. It’s therefore important that card companies are aware of card fraud hotspots and work with these companies to upgrade the security systems on the premises. For instance, installing additional cameras to identify individuals or syndicates that target customers in-store is a wise option.
Monitor The Activity On Your Cards
It’s important to stay on top of your finances and to report any discrepancies as soon as they occur. While there is card fraud insurance coverage on many credit or debit cards, it’s important to confirm this with the issuing company. Card fraud can quickly spiral out of control and apart from draining your account, hackers may also have access to your personal information and clone your cards. This can lead to further fraud, additional accounts in your name, and serious damage to your credit profile. Reports reveal that in the UK alone, identity theft has increased by 6% from 2018 to 2019.
While contactless payments reduce consumers’ time in the queue, considering certain safety measures to prevent cyber criminals from hacking your cards is essential so that your personal information remains secure.