Contactless cards: twice the level of fraud
Contactless payments tripled last year, and now make up an estimated one in seven of all transactions, so it’s particularly alarming to learn that people with contactless cards may be twice as likely to fall victim to fraud than those without the technology in their cards.
Booming
The use of contactless technology has taken off: the UK Cards Association pointed out that it took almost eight years for contactless spending to reach £500 million. Now it has grown the same amount in just four months.
It’s easy to see why – as contactless payments are far quicker and more convenient than entering a PIN or paying by cash.