Apacs hails success of chip and pin payment
15/08/2006
The UK is "now a truly mature chip and pin nation", according to card association Apacs.
As a result of the new payment method, the nation is financially safer and fraudsters have been denied millions of pounds of the UK's money, the organisation's Sandra Quinn states.
Research by Apacs suggests that there are now 150 chip and pin transactions per second and counterfeit fraud using lost and stolen credit cards was down by a quarter in 2005, compared to 2004.
However, the UK's credit card holders must remain vigilant, as there will always be people finding other ways to steal their money, Ms Quinn warns.
"Millions of people have adapted to the change with no problems at all," said Ms Quinn.
"This means that we are all a lot safer when we go shopping and that fraudsters have been denied millions of pounds of stolen money. Of course it hasn't eradicated fraud, it never could, as fraudsters will continue to target us and our money."
"But it is a fact that chip and pin has made our cards safer than they were two years ago and banks and retailers will continue to work together to keep it this way," she added.
Since February, debit and credit card holders have been required by law to type in their pin when purchasing goods, instead of signing their name.
As a result of the new payment method, the nation is financially safer and fraudsters have been denied millions of pounds of the UK's money, the organisation's Sandra Quinn states.
Research by Apacs suggests that there are now 150 chip and pin transactions per second and counterfeit fraud using lost and stolen credit cards was down by a quarter in 2005, compared to 2004.
However, the UK's credit card holders must remain vigilant, as there will always be people finding other ways to steal their money, Ms Quinn warns.
"Millions of people have adapted to the change with no problems at all," said Ms Quinn.
"This means that we are all a lot safer when we go shopping and that fraudsters have been denied millions of pounds of stolen money. Of course it hasn't eradicated fraud, it never could, as fraudsters will continue to target us and our money."
"But it is a fact that chip and pin has made our cards safer than they were two years ago and banks and retailers will continue to work together to keep it this way," she added.
Since February, debit and credit card holders have been required by law to type in their pin when purchasing goods, instead of signing their name.
