Are contactless cards a fraud risk even after being cancelled?

Transactions that are approved offline may still come out of a customer account

Contactless card
(Image credit: contactless-payment.co.uk)

Cancelling your contactless credit or debit card may not prevent you falling victim to fraud, according to The Guardian.

The paper reports that an investigation has revealed many low-value transactions using the new technology are actually completed "offline" and then processed later. This means the purchases are not checked with the bank prior being approved and that a card can often still be used to buy goods even after it is reported missing or stolen.

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