Tap, Pay & Steal 8/7/26

Summary

CNBC's Your Money Minute covers the rise of tap-and-pay fraud, where criminals load stolen credit card details onto mobile wallets and shop in retail stores. The segment explains that the financial loss is shared between banks and retailers, not the consumer, and stresses that victims must report fraudulent charges within 60 days to avoid liability.

• Criminals are exploiting tap-and-pay technology by loading stolen card data onto phone apps.
• Fraudsters steal credit card information or buy it on the dark web.
• The financial loss from this fraud primarily falls on banks and retailers.
• Consumers are generally protected if they report unauthorized charges in a timely manner.
• A full report on tap-and-pay fraud is available on CNBC.com.