Halloween Contactless
Cybersecurity Europe Fintech Paytech

Samsung Pay Warns of “Frightful” Contactless Fraud

Contactless fraud could come as a nasty trick this Halloween; warns Samsung.

Despite the fact that the contactless card spending limit has been increased from its former limit of £45 up to £100, no one would blame customers for feeling like all of their Halloween treats have come at once, but as Samsung warns, they should continue to exercise great caution.

Although the temptation to ‘tap and go’ might be there with contactless cards, research shows that 2 in 5 people are genuinely concerned about the possibility of card fraud with the increase.

Given how easy it now is to make a high-value payment with the use of contactless, the potential loss is greater with the higher limit, especially if you were to lose your card, it’s easier for the person who found it to make a high-value payment on that card with no restrictions if they decided to use it.

However, Samsung has put forward their Samsung Pay technology as a solution to this issue. The paytech enables users to pay above the £100 contactless limit, with the process being protected by Samsung Pay’s fingerprint or PIN authentication technology.

60% of people are still using their traditional bank cards to make contactless payments, with over a third of people weren’t even aware of the spending limit increase in the first place, leaving them potentially exposed to fraudulent activity.

Despite this, people are becoming much savvier, with 6 in 10 people having expressed that cashback incentives would motivate them to use mobile payments more often, and preferring them to other rewards out there.

Maximise rewards

Powered by Curve, Samsung Pay+ , which is available through the Samsung Pay app, gives customers the opportunity to earn rewards from their transactions, earning them between 1% and 20% cashback on everyday spending.

Furthermore, Samsung Pay+ can simplify spending by integrating Mastercard and Visa credit and debit cards into one e-wallet,  earning cashback across every added card.

Teg Dosanjh, Director of Connected Services and Technology, Samsung UK and Ireland
Teg Dosanjh, Director of Connected Services and Technology, Samsung UK and Ireland

Commenting on the benefits and safety of mobile payments for customers, Teg Dosanjh, Director of Connected Services and Technology, Samsung UK and Ireland, said: “As we start spending again after the extended lockdown we’ve had, there are some great deals to be had, but it’s important not to forget payment safety when we’re out shopping.

“Physical plastic cards may seem easy with their tap and go function, but with no authentication to spend £100, they present greater risk. We’re encouraged that three-quarters of the UK are now more open and feel more positively towards mobile payment solutions like Samsung Pay, which provides a safer and more secure way to pay.

“With multiple layers of security and protection built-in, including biometric authentication such as fingerprint and PIN, customers can grab a bargain, and tap and go, safe in the knowledge that their hard-earned money is protected.

“We’re a nation of tech-savvy spenders and we want the flexibility of being able to pay however, and whenever we choose. We know this is true as two-thirds of people we surveyed said they now prefer using mobile wallets over their traditional plastic card, which is double the number from last year (30%). And as an extra incentive for customers shopping on Samsung.com, customers are guaranteed 5% cashback – only available with Samsung Pay+.”

Author

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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