Wednesday 14th February 2007
Chip and pin has lowered fraud since its introduction one year ago, according to a credit card comparison from UK payments association Apacs.
Figures published by Apacs show that fraud fell in 2005 in the run-up to chip and pins introduction, with the association predicting a similar trend for the year since the standard was adopted in 2006.
Sandra Quinn, director of communications at Apacs, said: "We are fully committed to tackling card fraud in all its guises and will continue our work to enhance security across all types of payments."
Meanwhile, online shoppers are encouraged to register their cards with the Verified by Visa or Mastercard SecureCode schemes to further protect their finances against fraud.
Apacs noted that while card not present fraud still accounts for 46 per cent of all losses, the total amount stolen in this way is not increasing by as much as it has done in the past and totalled £95.3 million in the six months to June 2006.
Barclaycard recently announced that it is to use the chip and pin network to process payments made using its "wave and pay" Oyster card.
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