Laggards, not us!
1st September 2015
The British stereotype is very much of the stiff upper lip and reserved countenance, which would suggest that we'd be quite reluctant to try new things and resistant to change. But it seems we're quite the opposite. We're a nation of early adopters and today's news about contactless card payments proves it.
It has been announced that the limit on 'tap and pay' is rising £10 to £30 to take into account the average supermarket spend of £25. By June this year we'd already spent over £2.5 billion using this technology which is more than we spent last year and it's set to rocket as banks are issuing more contactless cards and more shops are introducing contactless terminals. The U.S. in comparison had been slow to adopt the technology with less contactless terminals available there than here.
Of course this increase has implications for fraud. In July consumer group Which? warned that data from contactless cards could be easily stolen by determined fraudsters. When combined with a report from MIT that revealed anonymised card details could be identified using just four pieces of additional metadata taken from social media sites; the fraud implications grow significantly. However, the UK Cards Association has been very quick to quell any nerves by saying that fraud via the cards was "extremely low", at less than one penny for every £100 spent. But with the recent introduction of Apple Pay pundits believe that ID fraud via contactless payments will grow very quickly.
Mistargeted direct mail is one contributing factor. Applications for financial products such as credit cards and phone contracts that are sent to people that have subsequently moved house can be used by fraudsters illegally. Goneaway suppression - removing the names and addresses of people that have moved house from a database - is therefore extremely important. For more information about our suite of award winning and market leading suppression product such as SmartDepart please give us a call on 01274 538888.