HSBC: card fraud 'reduced by chip and pin'

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HSBC: card fraud 'reduced by chip and pin'

HSBC has hailed chip and pin as a major factor in driving down card fraud in the UK.

However, the bank has warned British cardholders to remain vigilant when traveling abroad, as the technology has not been rolled out everywhere.

"Overseas card fraud has increased, but in the UK when you use a credit card it uses the chip to identify you and you cannot clone a chip," said Tim Pie, a spokesman for HSBC.

He said that the reason for card fraud remaining more of a danger abroad is that the magnetic strip that is used for transactions can be cloned - unlike in chip and pin transactions.

Mr Pie's comments follow research by payments association Apacs, which showed that losses at UK retailers owing to card fraud have fallen by 35 per cent since 2005.

In contrast, fraudulent transactions overseas make up 40 per cent of total losses.

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