Still In Love With PIN

Still Love Pin?

Wednesday 18th April 2007

Launched on Valentines Day 2006 with the tagline ‘I Love PIN’ the chip and pin system has now been compulsory on our High Street for over a year but has the new system helped consumers protect their money as intended or is there more that could be done to prevent fraudulent transactions?

The Association for Payment Clearing Services (APACS) who introduced the chip and pin system have claimed a fall of 3% in the amount of money obtained fraudulently in 2006. APACS attribute this to a decrease in over the counter fraud as a result of the chip and pin system: “Chip and pin has had a hugely positive effect on fraud losses over the counter in UK shops and stores" says Sandra Quinn of APACS.

However, whilst we have seen a drop in fraud at the tills we have seen a vast increase in the amount of fraud taking place over the internet, via the phone and through mail order companies with figures showing a rise of 16% to £213m.

A year on therefore it can be seen that Chip and Pin has indeed done its job of protecting consumers on the High Street but there is certainly more that could be done to protect our plastic in other ways.