The simple fact is your money is not safe at all! If your contactless card is dropped or falls out of your wallet while you are taking your oyster card out to travel on the tube. Your bank account becomes an open target to whoever finds your contactless card. They can travel on the tube for free and the money comes off your credit card or out of your bank account without you even knowing. They can use your card to buy coffee, lunch, cigarettes, alcohol etc. Any shop that accepts wave and pay as a payment can take purchases from your lost card and the money comes right out of your pocket! If you don’t notice your contactless card is missing you don’t even know your money is being spent! Here’s the worst part, the purchases made by wave and pay won’t show up on your bank statement for 48 hours! Wave and pay transactions are limited to under £30, but why? Banks and credit card company’s insurance only have to cover them for fraudulent use for transactions over £50! It is very difficult for an individual to prove that they didn’t make a small transaction especially when they didn’t know when and where they lost their contactless card or when and where it was used. So why take the risk? Use a wallet that keeps your contactless cards safe and allows you to use your oyster card without having to take it out of you wallet.
MGB wallets have solved the problem by developing special wallets that protect your contactless cards from being read by a card reader, but still allow you to touch your wallet on the card reader and read your oyster card without taking it out of your wallet. Brilliant!