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The implementation of these is deliberately intended to make it less effort for small transactions. The risk of fraud is relatively low, the scope limited, and
by matthewmacleod 11y ago
The implementation of these is deliberately intended to make it less effort for small transactions. The risk of fraud is relatively low, the scope limited, and the impact minimal.
Contactless providers have obviously made the decision that the risk of fraud and the associated costs will be lower than the additional revenue received be encouraging people to use contactless cards more. In contrast to being negligent and stupid, it's actually pretty thoroughly thought-out.
- herbst 11y agoAnd who pays for the fraud? The consumer. Thats already a huge issue with credit cards, if this now gets normal as well... I am so glad nobody looks strange in my country when you pay with cash. Most people do, its efficient, depending on the currency fast enough, has privacy in mind and is as safe as myself.
- matthewmacleod 11y agoOnly in an indirect sense. AFAIK all UK banks will reimburse any fraudulent transactions; they've decided that the increased use is worth more than the costs of fraudulent transactions. Obviously the public feels there is a benefit using contactless cards over cash, or we wouldn't be using them.