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 ?