In message , tim....
writes

TfL have negotiated that the cards can be used for travel with no PIN
challenge.

Well, it depends how you read the statement "customers will never be
asked to enter a PIN at a busy station gate-line".

But I guess it's reasonable to assume that the last five words are
redundant, as I can't see TfL providing PIN entry pads on gates.

But this is the same press release which claims TfL "will make full use
of the payments industry's security systems" - when they are obviously
not making use of one of the key security element (the need to key-in a
PIN after every few transactions).

I wrote:

I guess you're thinking that an exception could be made for TfL - I don't
know if that would be technically possible, as there are no exceptions for
anything at present.

Actually that is exactly how it is for "normal" PIN verified transactions.
Those places (pay phones/car parks etc) that accept Chip and Pin cards but
don't challenge for the PIN, take the risk of misuse instead of the bank

But the risk is much less with the "customer not present" system for
chip-and-pin, as the card details are checked on the spot, and the
transaction refused if the card is recorded as stolen or lacking in
funds.

With "wave and pay", the transaction goes ahead, come what may, and the
thief gets away with his or her purchase.
--
Paul Terry