How can businesses and customers better protect themselves from fraud with this change?
From October 15th, the maximum cumulative threshold is doubling to £300, which means if your card is stolen, the maximum a fraudster can use your card without a pin is no more than £300.
Even though the contactless limit has been increased, banks have fraud prevention systems in place, and cards can only be used a few times before asking for a PIN.
Here are a few guidelines to help customers and businesses protect themselves from fraud:
● Ask for a receipt. Asking for proof of purchase will allow customers to ensure they have paid the correct amount and keep track of their spending.
● Monitor bank statements. Checking bank statements regularly will help spot unfamiliar transactions.
● Report lost or stolen cards. Customers should contact their bank as soon as possible in case of loss or theft – most banks in the UK have made this easy for customers by allowing them to temporarily or permanently block their bank cards via their banking app.
POS Merchants should:
● Offer customer receipts. This will help customers reconcile their bank statements and spot unfamiliar transactions, which could help merchants reduce chargebacks.
● Use a semi-integrated solution. To avoid miss-keying, we highly recommend merchants to use a semi-integrated solution with the PDQ integrated to an ECR, ePOS, or PMS, which will eliminate miss-keying and ensure customers pay the exact amount they owe. We offer Trust POS, which covers all the basics of setting up robust and reliable POS devices for every type of business.
● Clearly display the transaction amount. Displaying the amount clearly on the ePOS or PDQ device or verbally communicating the same to customers before they tap will reduce chargebacks or unpleasant surprises for customers.