The Problems With Debit And Credit Cards Are Deeper Than We Thought

Re:The Problems With Debit And Credit Cards Are Deeper Than ... by jakub_g on Wednesday January 01, 2014 @02:14PM (#6996090)

The issue with transaction limits (while they're good in general) is exactly what you've mentioned, lots of small transactions quickly after each other do not get blocked.

Actually this is now one of the most popular card frauds in Poland right now: majority of newly issues cards are paypass/paywave-enabled and moreover, offline (not checking the balance while paying, and usually there's also no limit imposed on number of consecutive operations without PIN - though technically it would be trivial to implement).

I.e. you can even make someone a negative balance on his account with a series of rapid small (<12€) touch transactions, and many people are not aware of this, while banks keep telling people that everything's super secured.

[ Parent | on HN ]

Re:The Problems With Debit And Credit Cards Are Deeper Than ... by filbertkm on Wednesday January 01, 2014 @02:26PM (#6996149)

well, I can set a limit of say 500 euros (or whatever I need) per day. So even with a lot of smaller transactions, there is a point where they would stop.

Damage can still be done, though and I'm not aware if/how I can get alerts for transactions. So I need to remember to check my account often.

[ Parent | on HN ]