New figures show significant rise in contactless card fraud

30 May

Figures published by Financial Fraud Action UK (FFA UK) have revealed a significant rise in the amount of money stolen from contactless bank cards and mobile devices.

Contactless spending rose from £7.75 billion in 2015 to £25.2 billion in 2016. The data revealed that nearly £7 million was stolen in 2016, compared to £2.8 million in 2015.

However, FFA UK also stated that fraud on contactless cards and mobile devices equated to just 1.1% of total card fraud.

In order to combat contactless card fraud, consumers have been urged to never hand over their card at the point of payment, always ask for a receipt when purchasing goods and review financial statements regularly to check for unusual transactions.

Richard Koch, Head of Policy at the UK Cards Association, said: ‘All contactless cards contain robust security features including an in-built security check which triggers the need to enter a PIN at certain points.

‘Customers are fully protected against any losses and will never be left out of pocket in the unlikely event they are the victim of this type of fraud, unlike if they lose cash.’  

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