Card Fraud Down 13%
Chip and Pin takes the credit for reducing card fraud
7th March 2006
The banking industry say that the reported fall in credit card fraud by 13% last year is 'cast iron proof' that the chip and pin system is working as intended.
Losses due to fraud fell by £65m to £439m in 2005, with most kinds of fraudulent activity dropping. The exception was 'person not present' (PNP) usage where the pin number is not entered, such as online or by telephone. This kind of fraud continued to rise at 21%, in line with previous years.
The banking industry says that PNP fraud is the next target in their fight, with personal handheld card readers linked to the payment system being explored as a possible solution.
Read More: BBC: Chip and Pin 'cuts fraud by 13%'
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