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Not buying the hype about contactless limits being raised to $250
I work at a credit union in Austin and I've seen a real shift since they bumped the limit from $100 to $250 about 6 months ago. People tap their cards for practically everything now, even $230 grocery runs, and fraud claims have gone up 40% in that time. The ease of use is nice, but I think we traded security for convenience way too fast. Has anyone else's bank seen a jump in disputed transactions since the change?
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jake_chen4mo ago
Read a report from the Federal Reserve a few months back that said tap to pay fraud is actually growing faster than chip fraud did when it first rolled out. The 40% number you're seeing lines up with some of the stats they were showing about disputed charges after limit increases. Makes me wonder if these banks rushed the change without thinking through how easy it is for someone to just wave a reader near your wallet.
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