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02/10/2003
UK roll out for credit card security scheme
A new credit card security programme is set to be rolled out across the UK, the Chip and PIN Programme revealed today.
Confirmation of the rollout and release of the plans follow a successful chip and PIN trial this summer in Northampton. The first chip and PIN cards outside Northampton will hit streets around the UK this month.
Chip and PIN means that purchases will become more secure as the majority of UK cardholders will enter a four digit PIN instead of signing to verify card transactions by 2005.
The rollout will happen simultaneously across the country and not region by region, so all customers can benefit at the same time regardless of where they live. The rollout plans announced so far by card companies mean that an estimated one-in-five cardholders are expected to have chip and PIN enabled cards by Christmas this year.
By spring 2004 half of all UK cardholders will have chip and PIN cards and they will be asked to verify one-in-three transactions by the new system.
Sandra Quinn, from the Association for Payment Clearing Services, said: “We tested chip and PIN earlier this year and there is a real appetite for the new system among consumers."
Amanda Miller of the British Retail Consortium said that the rollout "was a huge task" with more than 850,000 shop terminals, 122 million cards and 40,000 cash machines being upgraded and 2.7 million retail staff being trained - so it won’t happen overnight, she said.
(gmcg)
Confirmation of the rollout and release of the plans follow a successful chip and PIN trial this summer in Northampton. The first chip and PIN cards outside Northampton will hit streets around the UK this month.
Chip and PIN means that purchases will become more secure as the majority of UK cardholders will enter a four digit PIN instead of signing to verify card transactions by 2005.
The rollout will happen simultaneously across the country and not region by region, so all customers can benefit at the same time regardless of where they live. The rollout plans announced so far by card companies mean that an estimated one-in-five cardholders are expected to have chip and PIN enabled cards by Christmas this year.
By spring 2004 half of all UK cardholders will have chip and PIN cards and they will be asked to verify one-in-three transactions by the new system.
Sandra Quinn, from the Association for Payment Clearing Services, said: “We tested chip and PIN earlier this year and there is a real appetite for the new system among consumers."
Amanda Miller of the British Retail Consortium said that the rollout "was a huge task" with more than 850,000 shop terminals, 122 million cards and 40,000 cash machines being upgraded and 2.7 million retail staff being trained - so it won’t happen overnight, she said.
(gmcg)
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19 May 2003
Card fraud pilot scheme begins
A new fraud-busting pilot scheme got under way in Northampton today that will see the end of signatures as a method for transacting credit card business.
Card fraud pilot scheme begins
A new fraud-busting pilot scheme got under way in Northampton today that will see the end of signatures as a method for transacting credit card business.
11 April 2003
Anti-credit card fraud initiative unveiled
Banks, building societies and retailers have joined forces for an initiative designed to combat credit and debit card fraud in the UK. It is hoped that the 'Chip and PIN' programme will help reverse the rising tide of credit card fraud in the UK – a trend which topped a record £424.6 million in 2002.
Anti-credit card fraud initiative unveiled
Banks, building societies and retailers have joined forces for an initiative designed to combat credit and debit card fraud in the UK. It is hoped that the 'Chip and PIN' programme will help reverse the rising tide of credit card fraud in the UK – a trend which topped a record £424.6 million in 2002.
10 October 2005
Chip and PIN reducing card fraud
Chip and PIN cash cards are helping to reduce credit and debit card fraud in the UK, a banking body has reported. The Association of Payment Clearing Services (Apacs) reported that the cost of counterfeit and lost and stolen card fraud between January and June 2005 was £89.9 million – a drop of nearly a third from £126.
Chip and PIN reducing card fraud
Chip and PIN cash cards are helping to reduce credit and debit card fraud in the UK, a banking body has reported. The Association of Payment Clearing Services (Apacs) reported that the cost of counterfeit and lost and stolen card fraud between January and June 2005 was £89.9 million – a drop of nearly a third from £126.
22 August 2013
Customers To Be Reimbursed Following Mis-Sold CPP Card Protection
The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan Limited (CPP) and 13 high street banks and credit card issuers, that will pave the way for redress to be paid to customers who were mis-sold CPP's Card Protection and Identity Protection policies.
Customers To Be Reimbursed Following Mis-Sold CPP Card Protection
The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan Limited (CPP) and 13 high street banks and credit card issuers, that will pave the way for redress to be paid to customers who were mis-sold CPP's Card Protection and Identity Protection policies.
08 October 2003
M&S backtracks over &More credit card after OFT probe
Marks and Spencer Financial Services (MSFS) has changed the way it will offer to replace its store cards by the &More credit card after action by the Office of Fair Trading. MSFS had sent out letters to many card holders saying that its store card would automatically be replaced by the &More credit card unless card holders objected.
M&S backtracks over &More credit card after OFT probe
Marks and Spencer Financial Services (MSFS) has changed the way it will offer to replace its store cards by the &More credit card after action by the Office of Fair Trading. MSFS had sent out letters to many card holders saying that its store card would automatically be replaced by the &More credit card unless card holders objected.
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