One Year On and Almost all UK Shops Have Chip and Pin
The Chip and Pin card system is one year old this week and according to new research 97% of UK shops have the new system, designed to reduce card fraud.
According to research from APACS, the UK payments association, 97% of all UK card transactions are made using Chip and Pin, with card holders in the UK using the system for 99.9% of the time to confirm payments.
The new system has been declared a success as card fraud is down and queuing time in shops reduced due to the Chip and Pin system.
Sandra Quinn, director of corporate communications at APACS, said: "It is now safer than ever to use your card when shopping, and far more difficult for fraudsters to get access to your money.
"The UK is leading the way in identifying and developing technology to address card-related fraud. 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."
Chip and Pin has impacted on fraudsters, with APACS saying it is now much more difficult for criminals to use either lost or stolen cards in the UK, with overseas card fraud falling as they also adopt the new system. Credit card, debit card and store card fraud is now significantly more difficult to execute as a result of stores using the new system.
However, card-not-present fraud now accounts for 46% of all card fraud, although its rate is also slowing. Card-not-present fraud includes card transactions over the telephone, Internet, fax and mail order.
The UK now has 38 million Chip and Pin cards with transactions now able to be carried out 35,000 above the earth as British Airways is now Chip and Pin equipped throughout its fleet of aircraft.
Tom Smith
2nd February 2007
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