Cash advice

Have you noticed you’re having to use your pin more often when using your contactless card? That’s because of new fraud prevention rules that require you to enter your pin for one in every five contactless payments. So, if you’ve forgotten the fourdigit number, now’s the time to dig it out. The Strong Customer Authentication (SCA) means your payments will be blocked until you pay using it.

WHAT’S THE PROBLEM?

We make around 700 million contactless card transactions in the UK, but around £108 million is said to be lost to fraud. And, according to totallymoney.com, one in 12 people admit they wouldn’t spot a rogue £20 entry on their statement!

WHAT ARE THE NEW RULES?

As well as needing your pin for one in five purchases, contactless payments are also blocked when spending adds up to more than £130 within five payments. This will stop thieves going on a spending spree with your money.

ARE THERE ANY EXCEPTIONS?

If you’re using your contactless card to travel on public transport, your payment won’t be blocked. Also, if you make a payment via Apple or Google Pay, you won’t have to re-enter your pin for one in five contactless transactions.

OTHER WAYS TO STAY SAFE

Check your bank accounts daily, consider downloading your bank apps, and set alerts for spending notifications. It’s easy to lose track when you’re tapping away with contactless, so check your receipts against your statements.

Keep tabs on your credit report to spot any fraudulent activity – if someone uses your credit card or opens a bank account using your name, it will show. You can check for free at Experian, Equifax and TransUnion.

WHAT IF THERE IS A SUSPICIOUS PAYMENT?

If you see unexpected sums taken from your account, contact your bank immediately. Contactless fraud is treated like any other kind of fraud, so you should get your money back as long as you can prove you haven’t been negligent. Report it to Action Fraud, using its online reporting tool or by calling 0300 123 2040.