MPs and fraud prevention groups have recently raised concerns over the policies of some banks after an investigation found that in-store card payments were being accepted without a PIN. During the investigation by The Daily Telegraph, it was found that cardholders were able to make payments with just a signature, if they did not know their PIN.
This means that a stolen debit card could conceivably be used to make purchases over the £30 contactless threshold without needing to know the card PIN.
Wes Streeting, Labour MP and Treasury committee member, said: “We are in a contactless era where staff in shops don’t look at signatures on the back of cards anymore. These banks… are in danger of giving a green light to fraudsters.”