The security of new cash cards that do not need a pin number or a signature for purchases of less than $80 has been criticised by a security specialist.
A Taranaki Savings Bank customer says almost $800 was taken from his account after a new card was stolen from his letterbox.
Special Tactics managing director Daniel Ayers said it's silly that some banks, including TSB, send cards in the mail that are ready to be used.
TSB says the fraudster was caught after illegitimate purchases were detected by its anti-fraud software and the customer's money has been refunded.
The card was pre-activated before being sent in the mail.
But the head of Visa in New Zealand, Caroline Ada said that does not mean the cards are unsafe. She said Visa is not aware of an increase in fraud since introducing the new cards in 2011.
