The chair of the House of Commons' influential Treasury Select Committee has called for banks to do more to protect customers after MoneySavingExpert.com revealed that crooks are able to use contactless credit and debit cards months after they've been cancelled.
Andrew Tyrie, a senior Conservative MP who also chaired the Parliamentary Commission on Banking Standards from 2012 to 2013, says: "Months after customers have instructed their banks to block their cards because they have been lost or stolen, some are still in use.
"In order to protect themselves, customers are then expected to comb through their bank statements for months.
"Either banks have been careless, or they need to sort out their IT systems."
MoneySavingExpert.com's investigation, which was published yesterday and has been widely covered by other national news outlets, revealed lost or stolen contactless cards can be used by fraudsters months after cancellation – with some banks automatically debiting money for purchases from customers' accounts and failing to routinely query transactions.
The shocking security flaw emerged after MoneySaver Justin Robson discovered his Halifax cards – cancelled by his bank when stolen last November – were used to make a series of fraudulent contactless purchases eight months later.
If you've also been a victim of fraud after cancelling your card, let us know by emailing email@example.com.