Secure credit card rollout gathers pace
www.moneynews.co.uk > Credit cards > Secure credit card rollout gathers pace
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Money News |
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Secure credit card rollout gathers pace
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It means more than eight million of the new cards have been issued since successful trials in Northampton last year.
Under the chip and pin system customers have to verify payments by inputting a four digit pin number rather than signing a receipt.
It aims to tackle the growing problem of "skimming" whereby fraudsters clone the magnetic strip on the back of cards.
The banking industry hopes the new chips, which are much harder to clone, will cut fraud by 70 per cent by 2005.
Related News : Credit cards |
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