One of the fundamental benefits of a bank issued credit card is the knowledge that you, as the card holder, are protected from fraud and misuse.
Well that all changes.
Standard Chartered has sent notice that their terms and conditions are changing as of July 1, 2016. You accept the change by using the card after that date, sort of a contactless agreement...
So how does the bank view the risk of contactless credit cards?
9.6 The cardholder undertakes to be liable for all
contactless transactions incurred using the credit
card and posted to the cardholder’s account
regardless of whether or not the contactless
transactions were properly authorised by the
cardholder. In this regard, the cardholder
acknowledges the ease of which unauthorised
contactless transactions may be carried out and
accepts all risks associated with such transactions.
So, the bank is washing its hands of all responsibility for anything that happens with the card, and you as the cardholder, are on the hook for anything that occurs. There is no way around this clause. If a transaction takes places accidentaly, fraudulently, or maliciously, you are responsible.
AND, you acknowledge that you knew the card was dangerous, and yet you chose to keep using it.
Thanks Standard Chartered.
Unless you are really hooked on contactless payments, I would immediately write to your bank and demand the issue of a non-contactless card to avoid this uncontrolled risk.