Credit Card News Chip And Pin People Look To Boost Consumer Memory 3207142
Chip and pin people look to boost consumer memory
10 August 2004
News of the scheme comes after recent research suggested more than 25 per cent of UK citizens currently struggle to remember passwords and security codes.
In order to improve the chances of card holders actually doing so, the chip and pin programme team has produced an online guide featuring hints, tips and memory tricks for consumers.
Chip and pin will see credit and debit card holders required to remember their four-digit personal identification number in order to verify purchases at the point-of-sale.
Instead of signing their name, consumers will be required to punch in their pin number instead – hopefully heavily cutting card fraud.
Two in five UK cardholders had been issued with a chip and pin card by the end of May 2004.