Man Demonstrates How Easy It Is To Steal Money From Contactless Cards
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Wether you love them or hate them, contactless credit and debit cards are all the rage at the moment. Ok, they can cause some serious anxiety the morning after a big 'tap-happy' night out on the sesh, but they do save us the hassle of punching in pins and waiting for connections when you're in a hurry.
However, what if we told you that your time-saving piece of plastic is actually putting you at high risk of fraud? Watch this video below to find out how:
The video (captioned 'Cards in wallets up to 30 quid contactless gone in a second. Share with young uns') shows just what can happen when you're out and about and unaware on the high street.
In the video, Mike Lee, its creator says, "The victim, he doesn't know what I'm going to do," as he approaches a man browsing a magazine rack.
Bringing his card reading machine closer to the victim, Mike continues: "I just tapped his arse - he's got a contactless card in his pocket - and the transaction's approved.
"So, be careful."
Now, while we're not talking about thousands of pounds being taken before your eyes, 30 quid going missing here and there would definitely add up at the end of the month.
Morgan Rothwell, director of fraud prevention firm Defender Note, told the Daily Mail: "If someone stole £500 out of your bank account you'd notice it straight away.
"But many people may not miss £30 until they check their bank statement at the end of the month. By then they assume they've just forgotten what they bought, and not report it.
"In the meantime the fraudster could have pocketed thousands of pounds by trawling up and down high streets and train station platforms, targeting hundreds of unsuspecting victims."
The scam works by fraudsters typing an amount into a card reader machine - which are easily available to buy online for as little as £25 - and taking to the streets in the hope that they can connect their device to a nearby debit or credit card offering a contactless payment option.
A 2016 investigation by Money Mail found that these fraudsters only have to get within a few inches of where your card is located in order to complete the transaction.
And with almost all of newly distributed debit and credit cards being contactless, and one in five card payments in the UK being made with contactless cards, this inconspicuous card fraud technique could be earning fraud criminals thousands as they tap their way around towns.
If you do become an unfortunate victim of this then your bank is likely to refund the amount in full, but there are ways you can safeguard yourself against people pinching your hard-earned pennies.
Keep your cards out of your back pockets or in side zips of your bags - basically away from any place that could be easily accessible to card reader machines - and make sure you check your statements more than once a month.