This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

Chip and pin 'successful against fraud'

30 July 2007
The introduction of chip and pin has brought down fraud losses, it has been reported.

According to Apacs, some £428 million was lost in such a manner in 2006, compared to £439.4 million in 2005.

The chip and pin system of identity authentification, which foregoes the need for a signature at the point of payment, was brought in on February 14th 2006.

And Mark Bowerman, spokesman for the company, claimed that the method has made "some contribution" in the fight against fraud, although it has led to criminals looking to steal in other ways.

He said: "As you close down one avenue for the fraudsters, we know that they're not going to pack up shop and get legitimate jobs, they're going to look for other areas to exploit."

Apacs offers comment on the payments industry and forecasts trends, as well as conducting market research.

Find out more about banking

track© Adfero Ltd