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Is NAB Visa pay wave secure?

By xcskier 23 October 2012 23

Last week, my NAB visa debit and credit cards were stolen. The thief used the debit card at Woolies in Dickson using the pay wave facility and then proceeded to Hungry Jacks for a nice meal afterwards.

I’ve never used the pay wave facility on the cards, but I have now learned the hard way how easy it is for a thief to quickly drawn down your funds. My particular thief used the paywave facility 4 times, with 2 transactions close to the NAB paywave limit of $100 each, within one hour. According to NAB, even though there is a per pay wave transaction limit of $100, a person can use the facility up to their total daily withdrawal limit (in my case $1000).

When I asked NAB if I could opt out of pay wave they said it was now a standard feature of the cards they issue. I’m not sure if the other banks offer this facility, but I don’t like it. It might be convenient and fast, but the lack of security is troubling.

Has anyone else had a similar experience ?

What’s Your opinion?

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23 Responses to
Is NAB Visa pay wave secure?
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JC 1:02 pm 25 Oct 12

davo101 said :

JC said :

Yes paywave allows people to make unauthorised transactions, however if your card is stolen then Visa will pick up the tab for any unauthorised transactions so YOU are protected.

From the NAB terms and conditions:

15.2 Your liability
You remain liable for any cash advance or purchase made by any other person before you notify NAB of the loss or theft up to a maximum of:
(a) in relation to all the uses of the card through an extra facility – the amount determined under
the terms and conditions for the extra facility (if any);

(b) in relation to all other uses of the card– a total amount of $150.

They are NABs standard conditions. Pay wave is slightly different in that Visa offers the guarantee so you should read their terms and conditions. In fact that is the major difference. Oh you will also find the low value transactions that don’t need a pin or signature are also part of pay wave and the MasterCard equivalent.

c_c™ 10:51 am 24 Oct 12

davo101 said :

c_c™ said :

For over a year now, many retailers including Woolies and Maccas have allowed swiped/chip cards to process transactions below a certain amount without a pin or signature. At Woolies, it was below $75.

Do you know if this is the same thing as the easy payment service? It seems to have only a $35 limit. I did laugh at the security provided:

Visa small ticket transactions are for low value purchases of $35 or less, which makes them an
unattractive target for fraud.

Seems to be, $35 is lower than I recall.

Then again Woolies did claim to disable certain functions on it’s card terminals, even put signs up saying so, but as anyone who continued to use those functions found, they hadn’t really.

Henry82 10:07 am 24 Oct 12

arescarti42 said :

Don’t most credit cards not require a pin for purchases under a certain amount irrespective of whether you swipe/insert/paypass it? If security is your concern then I suspect bank card/eftpos card with a pin might just be your best bet.

That’s true. It seems to be around $30-75 depending on the store/partnerships with visa.

I reckon others are right that the risk is ATM skimming. A low value bank account with only a few hundred, and the rest in another bank account that only allows transfers between linked accounts is your best bet.

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