Menu
10/10/2005
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 £126.6 million during the same period in 2004.
The figures have been announced as the final roll out of the new chip and PIN scheme is almost completed. Apacs has announced that, from February 14 2006, it will become compulsory for cardholders to use their PIN in order to pay by credit and debit card. Currently, retailers can accept a signature from customers if they do not know their PIN number.
Apacs has launched a consumer awareness campaign, in order to ensure that all consumers begin using their PIN before the deadline.
Sandra Quinn, spokesperson for the Chip and PIN programme, said: “The vast majority of people are already successfully using PIN. 97% of transactions on chip and PIN debit cards are already successfully verified by PIN. This announcement is targeted at the minority of consumers who have chip and PIN cards, but are not yet using PIN. There are four months left to ensure they find out, remember and use their PINs. The best way to get ready is to start using PIN now.”
The British Retail Consortium said that the complete switchover to the sole use of PIN numbers should not prove difficult for consumers. Paul Smith, Director of the BRC, said: “Our experience in shops shows that most people have taken to chip and PIN like ducks to water. They find it simple, quick and convenient. Now is the time to encourage those not using PIN to get ready to do so by February 14 next year, so that we can drive even more fraud out of our shops.”
There will be some occasions when cardholders will be able to continue using signatures with their cards after the February 14 deadline. These include: purchases from outlets not yet using chip and PIN technology; purchases on cards not yet upgraded to the new technology; and purchases in countries who are not yet using chip and PIN.
(KMcA/SP)
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 £126.6 million during the same period in 2004.
The figures have been announced as the final roll out of the new chip and PIN scheme is almost completed. Apacs has announced that, from February 14 2006, it will become compulsory for cardholders to use their PIN in order to pay by credit and debit card. Currently, retailers can accept a signature from customers if they do not know their PIN number.
Apacs has launched a consumer awareness campaign, in order to ensure that all consumers begin using their PIN before the deadline.
Sandra Quinn, spokesperson for the Chip and PIN programme, said: “The vast majority of people are already successfully using PIN. 97% of transactions on chip and PIN debit cards are already successfully verified by PIN. This announcement is targeted at the minority of consumers who have chip and PIN cards, but are not yet using PIN. There are four months left to ensure they find out, remember and use their PINs. The best way to get ready is to start using PIN now.”
The British Retail Consortium said that the complete switchover to the sole use of PIN numbers should not prove difficult for consumers. Paul Smith, Director of the BRC, said: “Our experience in shops shows that most people have taken to chip and PIN like ducks to water. They find it simple, quick and convenient. Now is the time to encourage those not using PIN to get ready to do so by February 14 next year, so that we can drive even more fraud out of our shops.”
There will be some occasions when cardholders will be able to continue using signatures with their cards after the February 14 deadline. These include: purchases from outlets not yet using chip and PIN technology; purchases on cards not yet upgraded to the new technology; and purchases in countries who are not yet using chip and PIN.
(KMcA/SP)
Related UK National News Stories
Click here for the latest headlines.
30 January 2006
Three million facing chip and pin problems
Three million elderly and disabled consumers face "misery and frustration" with new chip and PIN cards, the National Consumer Council has warned.
Three million facing chip and pin problems
Three million elderly and disabled consumers face "misery and frustration" with new chip and PIN cards, the National Consumer Council has warned.
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.
02 October 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.
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.
10 November 2003
Watchdog issues advice on avoiding credit card fraud
The UK credit card watchdog has launched a new initiative to help protect shoppers and retailers from fraudulent phone, fax, internet credit card use as 'card not present' mail order fraud now costs £110 million-a-year.
Watchdog issues advice on avoiding credit card fraud
The UK credit card watchdog has launched a new initiative to help protect shoppers and retailers from fraudulent phone, fax, internet credit card use as 'card not present' mail order fraud now costs £110 million-a-year.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
