Stolen contactless cards can still be acclimated by thieves alike afterwards they accept been cancelled, it has emerged.
Due to a ‘weakness in the system’, bristles of the UK’s better banks accept accepted that baseborn contactless cards can still be acclimated back they’re ‘offline’.
Nationwide, RBS, Lloyds, HSBC and Barclays all affair barter with contactless cards which are authorised to accomplish payments ‘offline’.
The Financial Conduct Authority aloft the artifice aftermost year but admitting able to array it out the banks accept it has not yet been fixed.
The babysitter has alike accepted that some fraudsters accept agitated on application the cards up to eight months afterwards they had been appear stolen.
Financial Conduct Authority (FCA) arch John Griffith-Jones said advance was actuality fabricated but offline payments were ‘a weakness in the system.’
There are now added than 108 actor contactless cards actuality acclimated and spending topped £25 billion aftermost year.
MailOnline appear the Bank of England’s arch accountant Victoria Cleland appear she does not assurance the technology and prefers to use banknote for baby payments than a contactsless card.
The 47-year-old said: ‘Cash is absolutely actuality to stay.’
A agent for Nationwide said: ‘Almost all contactless affairs are now online, so a contactless agenda will be beneath as anon as its appear absent or stolen.
‘In a baby cardinal of cases such as automat machines, parking charges, alley tolls and carriage fares, area accepting the appropriate change can be annoying for the chump and cher for the annual operator, the acquittal is fabricated offline.
‘However, in these cases the transaction will not be activated to the annual if the agenda has been appear absent or stolen, so the chump won’t lose out.’
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