My bank in Australia (SuncorpMetway) just issued me a new payWave Debit card (VISA) to replace my old/expiring savings account card. My old card required a PIN for any withdrawal or purchase. I considered that pretty secure. The savings account contains thousands of dollars of my money.
Now it is a payWave Debit card, no PIN required up to $100 per transaction. I use the card twice a week, on the same day. If I drop this card on the ground it is worth $1000 per daily limit to the person who picks it up. If I don't notice the card missing until I use it next, 7 days later, who covers the $7000 loss?
How is my money MORE secure than the previous transaction method?