Contactless Payments: 7 Steps to Stay Safe in the Cardless Economy

Global contactless purchases are expected to more than quadruple between now and 2027.  This is according to a recent report by KnowBe4. Contactless payments are apparently just more than a trend and are becoming a vital component of our everyday lives.

The Convenience of Contactless Payments:

Contactless payments, facilitated through cards, smartphones, or wearables, have revolutionised the way we pay. The tap-and-go functionality allows for swift transactions, reducing the need for physical currency and enhancing the overall efficiency of the payment process. With the rise of mobile wallets and near-field communication (NFC) technology, consumers can make purchases with a simple wave or tap, providing a seamless and expedited experience.

To minimise the risks associated with contactless payments, follow these practical tips:

Keep Your Devices Secure

Ensure that your smartphones and other devices used for contactless payments have up-to-date security features and software. Enable biometric authentication methods like fingerprint or facial recognition to add an extra layer of protection.

Monitor Your Accounts Regularly

Stay vigilant by regularly monitoring your bank and payment accounts. Set up notifications for any transaction activity, and report any suspicious transactions immediately. The sooner you detect and report unauthorised transactions, the quicker the issue can be resolved.

Use Secure Networks

When making contactless payments through mobile apps, ensure that you are connected to a secure and private network. Avoid conducting financial transactions over public Wi-Fi networks to minimise the risk of unauthorised access.

Enable Two-Factor Authentication

Where possible, enable two-factor authentication for your payment accounts. This adds an extra layer of security by requiring a secondary form of verification, such as a one-time code sent to your mobile device.

Set Spending Limits

Many payment apps and cards allow users to set spending limits. Utilise this feature to control the maximum amount that can be spent in a single transaction, adding an additional layer of control over your financial transactions.

Keep your devices nearby

Make sure to have your phone or smartwatch with you at all times and avoid leaving them unattended. Be cautious when lending them to others.

Regularly monitor transactions 

Stay vigilant by regularly reviewing your bank statements. If you notice any suspicious transactions, report them to your bank.

Conclusion

Contactless payments offer unparalleled convenience, but it’s essential to prioritise security in this digital era. By adopting these safety measures, users can enjoy the benefits of contactless transactions while minimising the risks associated with unauthorised access and fraudulent activities. As technology continues to evolve, staying informed and proactive is key to ensuring a secure and seamless contactless payment experience.