Credit Card News Chip And Pin 'mandatory' 15063963
Chip and pin ‘mandatory’
12 October 2005
The Chip and Pin programme announced this week that customers will no longer be allowed to use their signature to pay for goods from February next year, as pressure from retailers mounts.
Sandra Quinn, from the Chip and Pin Programme, said: “This is the final phase of the successful chip and pin roll-out.
“More than nine out of ten people have a chip and pin card and there are 100 successful chip and pin transactions a second. Using chip and pin has already cut fraud and now we want to close off even more opportunities for the fraudster,” she added.
Figures released this week demonstrated the effectiveness of chip and pin, with fraud falling 29 per cent from 2004.
Stolen card fraud fell to 27 per cent while counterfeit card fraud fell 31 per cent.
The organisation, made up of building societies, banks and retailers, advised customers who had forgotten their number to contact their bank before the new rules came into force.
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