CHIP
AND PIN CARDS
On
Your Behalf found out more about revolutionary new technology
for banking
cards which it’s claimed, could cut fraud dramatically.
A similar PIN based scheme running in France for 10 years, has
seen 80% reduction in fraud.
It’s
called Chip and Pin – it’s a micro chip embedded
in your credit or debit card, and it should be coming soon to
a store near you, although the roll out has been delayed.
Shoppers will
need to use their 4 digit PIN code which will replace signatures
as a way of proving ownership of the card.
The chip and PIN initiative has been agreed with all the main banks in Northern
Ireland and is backed by the Home Office.
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