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Contactless card fraud on the rise



Contactless card fraud on the rise

Figures published by Financial Fraud Action UK (FFA UK) have revealed a significant rise in the amount of money being 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 involving 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 never to hand over their card at the point of payment, to always ask for a receipt when purchasing goods and to review financial statements regularly to check for unusual transactions.

The figures came alongside the revelation that card payments have more than doubled over the past ten years.

Data published by the UK Cards Association highlighted the increase in popularity of contactless card payments and online spending: by the end of 2016, four in ten card transactions were made either online or via contactless technology.