Who knew pay by bonk was insecure? It's bonkers, I tell you
No PIN, no need to prove the card is yours, etc.
So the crims are going to steal money from your credit card company (not you, obviously, what with the transaction being fraudulent n'all) but how are they going to hang on to it? Unidentified?
I understand cloning and buying a Porsche - the crims convert to goods and then sell them on. Good luck with that one. But this requires them to get the cash out of the system which takes time. For example, my credit card company, if not them all is fairly tuned up to weird transactions in which case I get an SMS inviting me to confirm.
While I think about it, the last time I tried to pay by bonk in a supermarket without removing the card from my opened wallet, the terminal got confused by the card in the other half of my wallet. When I pay by bonk on London Transport (tube or bus) the system is less sensitive but does require a firm hand, as it were.
So I'd like to know the physical circumstances in which this could work.