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Chip and Pin 'helping fraud prevention'

Chip and Pin 'helping fraud prevention'

Category: Credit cards

Updated: 24/03/2009
First Published: 23/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The introduction of Chip and Pin technology to protect credit card customers has had a positive impact, it has been argued.

Simon Crisp, director at Shopsafe.co.uk, noted that the system has helped reduce certain types of fraud, but called for other countries around the world to implement the measure.

He explained that clamping down on offences around the world is a "never-ending game" and that steps now need to be taken to educate people about the danger of online fraud.

Commenting on Chip and Pin, Mr Crisp said: "It's forced people to look elsewhere," adding: "One of the big worries that we have had is phishing."

His comments follow the release of figures from UK payments association Apacs, which revealed that transactions without Chip and Pin protection are the main driver in an increase in fraud losses.

The data showed that although the amount lost had increased, the percentage of total plastic card turnover that was stolen is declining.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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