Home chip and pin can help tackle card fraud
August 21, 2007 by admin
Filed under News, News-Credit-Cards
Home chip and pin readers are a useful tool in tackling the widespread problem of credit card fraud, industry body Apacs said today.
Online transactions are to be made safer by the handheld devices – over half a million of which are to be sent out by the end of the year.
The chip and pin machines are aimed at reducing the card-not-present fraud concerning online transactions, which increased by 16 per cent from 2005 to 2006 – results out of line with the overall three per cent drop in fraud for the period.
Mark Bowerman, a spokesperson for Apacs, said: “What the device has the potential to be used for in the future is also internet shopping transactions and telephone shopping transactions.
“They’re very easy to use,” he added. “They’re just like a small handheld calculator. You just put your chip and pin card in it and tap your four-digit pin in and then a number comes up on the display screen.”
British bank Barclays has already announced that it is to send out the handheld readers to online banking customers later in the year, with other high street banks also launching similar schemes.
