Ex­tra pre­cau­tions to keep your money safe

Macclesfield Express - - SCHOOLS NEWS -

AC­CORD­ING to the UK Cards As­so­ci­a­tion – which or­gan­ises the way bank cards work in the UK – one in four card pay­ments are now con­tact­less, totalling more than £3.3 bil­lon a month – and the trend is grow­ing. I have to con­fess to be­ing a re­cent con­vert – it’s es­pe­cially quick if you’re try­ing to buy a tram ticket!

To use con­tact­less you need to have been is­sued with an up­dated con­tact­less card – which by now most peo­ple will have been. You will see the spe­cial sign which looks like the sign for wi-fi. It can be used where shops have the ap­pro­pri­ate read­ing equip­ment by just hold­ing your card against the reader. You may need to ac­ti­vate your card first and make an ini­tial PIN pay­ment be­fore the con­tact­less fea­ture will work.

To use the card to make pay­ment just tap the card against the pay­ment ma­chine. Make sure the amount is cor­rect. There should be a beep or a green light to show that your pay­ment is be­ing pro­cessed and then the ter­mi­nal will say ‘Ap­proved’. It is bet­ter to take the card out of your wal­let, as there is a risk that a dif­fer­ent card could be reg­is­tered and use a dif­fer­ent ac­count. If this hap­pens the reader should ask you which card you want to use.

There is no daily cap on the num­ber of in­di­vid­ual trans­ac­tions you can make (each up to £30) but oc­ca­sion­ally, as an ex­tra se­cu­rity mea­sure, you will be asked to en­ter your PIN to make sure it’s your card.

The govern­ment’s Money Ad­vice Ser­vice web­site does warn ‘the tech­nol­ogy is not with­out risks and there are a few things you can do to keep your money safe’ (it rec­om­mends that you look at www. get­safeon­line.org/ shop­ping-bank­ing/ con­tact­less-pay­ments/ for more se­cu­rity ad­vice).

If money is taken from your ac­count with­out your per­mis­sion, the Pay­ment Ser­vices Reg­u­la­tions will mean that your bank re­funds you, but for trans­ac­tions made be­fore you re­port a card lost or stolen, you will be li­able for the first £50 – although if this hap­pens ask the bank to waive this. Make sure that you note down some­where safe, or store in your phone, your bank’s phone num­ber for lost or stolen cards, it should be on the back of your card.

You don’t have to use con­tact­less to pay – the choice is yours. You may still be is­sued with a card with a con­tact­less fa­cil­ity. If you would pre­fer not to have this, speak to your bank and see if they will is­sue you with a card with­out it, but this does depend on your bank.

It is al­ways a good idea to check your bank state­ment reg­u­larly.

You can get more ad­vice from us by phon­ing 0300 330 1153 Mon­day to Fri­day 10am-4pm.

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