James O'Brien 10am - 1pm
This Is How Easily You Can Have Money Stolen From Your Contactless Card
26 July 2018, 09:05
An LBC investigation shows just how easy it is for criminals to steal money from your contactless card - without you knowing anything about it.
Using a hidden portable card reader, our reporter was able to show that scammers can steal £30 a time from a victim's bank account.
LBC's Bev Rimmer said of her experiment: "We came away with £90. Our participants knew we were up to something - and we gave the money back straight away."
Last year, there were £14million of losses on contactless cards or mobile devices, against £52billion spent on the cards.
Criminal lawyer Joseph Kotrie-Monson told LBC: "The reality is that once journalists are talking about this, it is a massively rife problem that has been completely underestimated by the finance industry.
"These numbers of £14million from last year. That's last year's figures. The current figures will be much, much higher."
UK Finance told LBC: "The money is fully traceable to a recipient's account.
"In the unlikely event it did happen, the victim would be fully protected against losses, unlike if cash is taken."
Ways To Avoid Being Victim Of Contactless Card Crime
- Use an RFID-blocking wallet to protect contactless cards.
- Wrap your contactless card in aluminium foil. There are also cards you can buy that block contactless signals.
- Don't keep your card in an obvious place, such as your back pocket.
- If your card is lost or stolen, make sure to report it to your bank or card issuer as soon as possible.
- Keep an eye on bank statements to look for any payments that you didn't make.