The UK payments association APACS has issued an update on the progress of chip and PIN systems for card payments six months on from the official switch-over date for transactions.
PIN Day, on February 14th 2006, saw the official handover of shop payments from the old system of card signature recognition to PIN entry and the figures for the resulting six month period make positive reading for consumers.
Over 99.8 per cent of all chip and PIN card transactions are now PIN-verified, making transactions faster and more secure. Counterfeit fraud has dropped by 25 per cent in the last six months alone.
"Britain is now a truly mature chip and PIN nation," said chip and PIN spokesperson Sandra Quinn. "Millions of people have adapted to the change with no problems at all.
"This means that we are all a lot safer when we go shopping, and that fraudsters have been denied millions of pounds of stolen money."
While Ms Quinn conceded that fraud could never be completed eradicated, the new systems in place had gone a long way to reducing the risk of being a victim of such a crime.
"It is a fact that chip and PIN has made our cards safer than they were two years ago and banks and retailers will continue to work together to keep it this way," she concluded.To read more about banking, click here.
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