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Contactless payments fraud reaches GBP 7 mln in 2016

Friday 26 May 2017 | 02:32 PM CET

Almost GBP 7 million has been stolen using contactless cards and mobile devices in 2016, according to Financial Fraud Action UK.

This represents an increase from 2015, when the total amount stolen using contactless credit or debit cards was GBP 2.8 million. A contactless card has a spending limit of GBP 30, but fraudsters can use the stolen card at different terminals several times before they are required to provide a PIN.

What`s more, NFC payments have increased from GBP 7.75 billion in 2015 to GBP 25.2 billion in 2016. Compared to the number of transactions, contactless payment fraud remains low, representing 1.1% of the total card fraud.

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