Credit Card News If You Have A Chip Then You Will Have To Pin 15139885
“If you have a chip then you will have to pin”
25 January 2006
With just three weeks to go until the February 14th deadline, the website wants cardholders with a chip to ensure they have committed their pin number to memory in order to avoid being left embarrassed when it comes to paying for their goods.
Currently, card fraud takes place every seven seconds, amounting to £1.4 million a day being lost to fraudsters.
The introduction of chip and pin has, however, cut the cases of fraud and is expected to reduce crime even more after Valentine’s Day.
“Up until now, consumers had the luxury of choosing to use their signature or inserting their pin,” said Richard Mason, director of credit cards at moneysupermarket.com.
He said that from February 14th, this choice is no longer available and that “if you have a chip then you will have to pin”.
“That romantic dinner that you have planned might turn out very differently if your card is refused because you do not know the pin. It is essential that cardholders know their pin or be faced with the embarrassment of being turned away.”
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