Raise Your Contactless Limit: 6 Quick Tips To Stay Safe With Contactless Spending
From October 15, 2021, the contactless spending limit will drop from £ 45 to £ 100 in the UK, the highest contactless spending limit in Europe. Nick Fryer, chief technology officer at card machine provider Dojo, provided his advice on how people can stay safe with contactless spending. on what that means for customer safety.
The increased use of technology has led to an increase in the number of scams, especially during the pandemic. It is essential to protect yourself against fraud. Below are five tips you can follow to make sure you feel secure with your finances.
Check your bank statement regularly
Something that we have access to, but that we almost always forget. Often times with contactless payments, we forget to check our bank statements and can therefore lose track of our spending. A good tip is to make sure you keep a log of your transactions. So if you have a money statement that looks strange to you, you can check it right away. Make sure to configure biometric login on your devices if possible, this reduces the chances of your passwords being compromised.
Check if your bank allows you to set a contactless limit
Lloyds banking group, Halifax and Bank of Scotland allow their customers to choose their own contactless spending limit. This is useful for consumers who want tighter control over their spending limits to control their budget, especially since contactless allows consumers to spend more, faster. If you’re concerned about how the £ 100 limit may affect your spending habits, check to see if your bank is setting a limit. Otherwise, there are debit and credit cards that allow you to set budget goals.
Activate your online banking notifications
Most online banking providers allow you to turn on notifications to alert you when a payment is withdrawn from your bank account, this is a great way to avoid unpleasant surprises when looking at your bank statement. It’s also a great way to track your spending and spending on a monthly basis.
Distribute your money among different accounts
Once you have your salary for the month, try to distribute it across different accounts. Bills can go to one account while shopping and socializing can go to another. If the missing money is a problem, and if it happens, you will have money in those other accounts, so you don’t lose months of salary all at once.
Know the signs of a scam
Since the start of the pandemic, there has been an increase in scammers targeting people online. Through identity theft scams, dating scams and investment scams, consumers are at even greater risk than ever of falling victim to an online scam. Therefore, knowing the signs of a scam is essential to protect your finances. For example:
If someone you don’t know contacts you randomly
You are pressured into buying something
You are asked to pay in unusual ways, such as cryptocurrency, gift cards, or wire transfer.
Use a protective card holder
Buy a protective card holder that blocks the radio signals used by fraudsters to activate your contactless phone as they pass you by. With the increase in fraud during COVID-19, criminals have become more tech savvy and although this is an unlikely event, there is a small possibility that they could simply steal your card details. by being nearby. The physical card doesn’t even need to be stolen, the card details can be taken from you and used elsewhere on the internet.