Lloyds customers to set contactless limits

Lloyds Bank, Halifax, and Bank of Scotland customers will take control of their own contactless card limits next month.

The move comes as the contactless limit for card transactions rises from £45 to £100 on 15 October.

The limit was first increased from £30 to £45 in April 2020.

But customers of Lloyds Banking Group will be able to change the limit to between £30 and £95. They will also be able to turn contactless on and off.

Last month, Chancellor Rishi Sunak said that increasing the contactless limit would make it "easier than ever to pay safely and securely." However, the decision by HM Treasury and the Financial Conduct Authority to increase the limit has raised concerns about card fraud.

Some consumers are worried that if their card is stolen, criminals could rack up huge amounts with the higher limit.

The bank said that because contactless payments are subject to the same checks as other card payments, anyone who does fall victim to contactless card fraud will "never be left out of pocket."

“When the contactless limit increases, our customers will be able to use new tools in our mobile app to switch contactless on and off and also set their own transaction limit,” said Philip Robinson, personal accounts, payments and fraud and financial crime director at Lloyds Banking Group. “We’ve listened to customer feedback to introduce this option which will allow them to make the most of the £100 limit in a way that works for them.”

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