Chip and Pin Rollout Gathers Pace
8 million cards now feature Chip and PIN, as technology rollout gathers pace
29th January 2004
The conversion of UK debit and credit cards to the new Chip and Pin system is gathering pace, with over 8 million of the new cards having been issued.
The new system is an attempt to stem the rising tide of credit card fraud, and requires buyers to tap in a Personal Identification Number (as familiar from cash machines) to authorise their card's use, rather than a signature.
A similar system launched in France 10 years ago has seen fraud levels reduced by 80%.
Estimates of the total number of cards needing replacement are at around 122 million, along with 850k retailer terminals and 40k cash machines, with a deadline of 2005 for completion.
Read More: www.chipandpin.co.uk
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