Chip and pin deadline announced

The Chip and PIN Programme has announced that after 14th February 2006 all cardholders will be required to use the chip and pin facility on their new cards.

The only exceptions will be in the case of old cards without chip and pin, purchases made in shops or countries that have not yet adapted to the new technology and those who cannot use it due to disability.

The Chip and PIN Programme has decided to proceed with the final transition to chip and pin after encouraging reports of reduced fraud and cardholder confidence in adopting the technology.

Sandra Quinn, of the Chip and PIN Programme, said: “More than nine out of ten people have a chip and pin card and there are a hundred successful chip and pin transactions a second.

“Using chip and pin has already cut fraud ñ and now we want to close off even more opportunities for the fraudster.”

Research reveals that 87 per cent of cardholders find chip and pin easy to use. Among the disabled people surveyed, 83 per cent said they found chip and pin the same or easier than signing.

The six months from January to June 2005 saw a £36 million reduction in fraud compared to the same period last year.

Researchers documented a 31 per cent fall in counterfeit card fraud 27 per cent reduction in stolen card fraud which they attribute to the success of chip and pin technology.

© Adfero Ltd

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