Lloyds gives users control over contactless limits amid fraud fears

Lloyds gives users control over contactless limits amid fraud fears

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September 23, 2021 by J.D. Smith
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Lloyds Banking Group customers will be able to set their own limits when the new £100 ceiling on contactless card payments comes into effect next month. The upcoming hike in the contactless spending limit on consumer debit cards has raised fears that they could become a target for fraudsters, who can escape unchecked for at
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Lloyds Banking Group customers will be able to set their own limits when the new £100 ceiling on contactless card payments comes into effect next month.

The upcoming hike in the contactless spending limit on consumer debit cards has raised fears that they could become a target for fraudsters, who can escape unchecked for at least five transactions when tapping to pay at high street retailers.

Lloyds says it is responding to customer concerns by introducing new card controls in its mobile app, which will enable users to move the limits in £5 increments of between £30 and £95. Customers will also be given the option to switch off contactless functionality all together, opting for PIN entry at the checkout instead.

Philip Robinson, personal current accounts, payments and fraud and financial crime director at Lloyds Banking Group, comments: “We’ve listened to customer feedback to introduce this option which will allow them to make the most of the £100 limit in a way that works for them.”

The app udpate will be available for customers of Lloyds, Halifax and Bank of Scotland.

Lloyds may be the first to publicise the move but most other banks will also be working to upgrade their apps. Starling Bank first raised the possibility when the uplift to a £100 contactless limited was mooted earlier this year.

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