Contactless cards - Banks have an agenda?

[55palfers]

Don't want a contactless card thank you.

As soon as they came out my bank (Lloyds) sent me one out. Still loads of time left on existing card.
Called them and said I don't want one.
They sent me a normal one
Had my wallet stolen earlier this year, cancelled card and Lloyds sent me a contactless replacement
Called them and said I don't want one and don't send me another one. Ever. Thank you.
They sent me a normal one.
Out of the blue just had a new contactless card! My current card runs until 2020.

Also, as I'm not expecting a new debit card, had it been intercepted I would have no idea it had gone astray - Until my account was £150 lighter!

Anyone got any ideas why they are pushing them so hard please?

[Countdown]

Because it's easier to have contactless as standard?

To clarify - I'm sure it's easier for banks to have one standard, generic, type of production line churning out blank cards than to have two separate lines. So perhaps all default new cards are contactless, and contact cards are only issued by special request?

I find c'less much easier tbh

[Donbot]

The banks processing card translations make money off this don't they? I thought that was the main reason that they want people to use card for everything.

[Darranu]

Don't forget they can also gain huge personal spending data from you if every transaction is recorded rather than cash payment

Bit of a marketing dream as that datas worth money and your spending profile is a valuable commodity

Big brother really is watching

[Caddyshack]

You cannot use contactless the first time the card is used, you must use the pin that is posted to you on a different day, not sure how it can be intercepted but if it was you would be covered fir fraud. I think you will be ok buying your new tinfoil hat with contactless.

[Robertj21a]

Darranu said:

Don't forget they can also gain huge personal spending data from you if every transaction is recorded rather than cash payment

Bit of a marketing dream as that datas worth money and your spending profile is a valuable commodity

Big brother really is watching

That data would be captured whether it was a normal card + PIN, or contactless. There should be no difference.

[Darranu]

The big difference is that with contactless it's the first step to a cashless society.
The more transactions via contactless the less cash transactions and more personal spend profile for the bank

Contactless encourages you to use card for payment for smaller transactions where otherwise you wouldn't of used chip & pin

[Leroy902]

If you don't see the hard cash money you pay for, it's far easier to spend without very much thought.

The easier it is to pay for something (contactless), the more you'll spend.

It was credit cards before the recession, 'credit' never quite worked out (see recession), so now they've made it simple to spend the money you have in your bank account.

Edited by Leroy902 on Sunday 12th November 18:53

[anonymous-user]

HMRC will soon have this all this data to help relieve you of your cash so they can add to the tax wastage pile.

[Countdown]

OP is asking about "Contactless" vs "non-contactless", not "card" vs "cash".

[caelite]

Darranu said:

The big difference is that with contactless it's the first step to a cashless society.
The more transactions via contactless the less cash transactions and more personal spend profile for the bank

Contactless encourages you to use card for payment for smaller transactions where otherwise you wouldn't of used chip & pin

This, I actually agree with it for the most part, have a contactless credit card which I use for practically everything, getting cash out for the occasional take away/night out is the only time I visit a cash line.

With that being said, I straight up refuse to have contactless on my current account. The way I see it it IS a massive security risk, I am willing to accept that risk on what is essentially 'someone elses' money protected by the consumer credit act. I would not take that risk with my own money in my current account as I see the downsides of a compromised current account with all of my money in it as much worse than some downtime on a credit card.

[dxg]

I thought the T&Cs also made you liable for any theft up below the PIN threshold?

So, if your card is stolen you'll be liable for all the transactions on it below £30 until such time as you get the card blocked.

That was my understanding, anyway, and clearly a big incentive for the banks...

[Fore Left]

dxg said:

I thought the T&Cs also made you liable for any theft up below the PIN threshold?

So, if your card is stolen you'll be liable for all the transactions on it below £30 until such time as you get the card blocked.

That was my understanding, anyway, and clearly a big incentive for the banks...

Wrong. Bank pays providing you haven't been negligent.

[Yipper]

Banks and retailers love contactless because it is faster, they can serve more customers per hour, you spend more, and they can monetise the big data from your spending habits.

[55palfers]

Caddyshack said:

You cannot use contactless the first time the card is used, you must use the pin that is posted to you on a different day, not sure how it can be intercepted but if it was you would be covered fir fraud. I think you will be ok buying your new tinfoil hat with contactless.

I'm quite well served with tin-foil hats thanks and am aware of how contactless works.

This card is for the same bank account number I have had since 1973, the PIN has not changed for years.

[tvrforever]

Robertj21a said:

Darranu said:

Don't forget they can also gain huge personal spending data from you if every transaction is recorded rather than cash payment

Bit of a marketing dream as that datas worth money and your spending profile is a valuable commodity

Big brother really is watching

That data would be captured whether it was a normal card + PIN, or contactless. There should be no difference.

oh and don't forget that there are strict regulations (inc PCI) governing what can be done, tracked and analysed re card number/account number and payments...

[Caddyshack]

55palfers said:

Caddyshack said:

You cannot use contactless the first time the card is used, you must use the pin that is posted to you on a different day, not sure how it can be intercepted but if it was you would be covered fir fraud. I think you will be ok buying your new tinfoil hat with contactless.

I'm quite well served with tin-foil hats thanks and am aware of how contactless works.

This card is for the same bank account number I have had since 1973, the PIN has not changed for years.

You can change the pin though and I assume that as the pin has not been changed then you have not been scammed yet?

[Robertj21a]

It's always recommended that the PIN is changed from time to time. Only sensible really.

[sploosh]

Caddyshack said:

You cannot use contactless the first time the card is used, you must use the pin that is posted to you on a different day, not sure how it can be intercepted but if it was you would be covered fir fraud. I think you will be ok buying your new tinfoil hat with contactless.

Not true I am afraid. I had a new tesco credit card on a new account and lost the pin before using it first time. It worked as contactless straight out of the post. Got my new pin a couple of days ago.

[cat with a hat]

Darranu said:

Don't forget they can also gain huge personal spending data from you if every transaction is recorded rather than cash payment

Bit of a marketing dream as that datas worth money and your spending profile is a valuable commodity

Big brother really is watching

A certain company has starting prices of 1+ million USD a year to match addresses or online users to offline transactions.

This company also works with Facebook. So yes, your transaction data is valuable and sold!