“A flaw in Visa’s contactless credit cards means they will approve unlimited cash transactions without a PIN when the amount is requested in a foreign currency.  New research by experts at Newcastle University, UK, has highlighted a ‘glitch’ in the Visa system which means their contactless cards will approve foreign currency transactions of up to 999,999.99 in any foreign currency.   Side-stepping the £20 contactless limit, transactions can be carried out while the card is still in the victim’s pocket or bag.  Transactions are carried out offline, avoiding any additional security checks by the bank.”

http://www.ncl.ac.uk/press.office/press.release/item/contactless-cards-fail-to-recognise-foreign-currency

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