Chip and PIN saved UK £36m
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Chip and PIN technology has saved UK consumers an estimated £36 million, new figures reveal.
The programme said the technology had slashed fraud, including the use of lost and stolen cards and counterfeiting, by almost a third."Using chip and PIN has already cut fraud - and now we want to close off even more opportunities for the fraudster," said programme spokeswoman Sandra Quinn reminding customers that the deadline for the mandatory implementation of chip and PIN on all transactions is approaching.
From February 14th all consumers with a card that is chip and PIN enabled will have to use their PIN.
Ms Quinn stressed that this should not cause undue disruption as 97 per cent of people with applicable cards were already using their PIN to verify the transaction.
She also confirmed that customers shopping in shops without chip and PIN technology, or who were still using older cards would be able to continue to sign for goods.
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