03 October 2003

Consumers make ready for anti-fraud credit cards

Guardian Unlimited | The Guardian | Consumers make ready for anti-fraud credit cards: "Press Association
Thursday October 2, 2003

At least half of all cardholders are likely to have a new-style 'chip and Pin' credit or debit card by spring next year, with one in five expected to have one by Christmas, it was announced today.

The new cards aim to combat card fraud through the use of a 'smart chip' which can store information more securely than a magnetic strip. Consumers will also have to verify a transaction by keying in a four-digit Pin number, rather than signing a receipt. Following a three-month trial in Northampton involving around 150,000 people, card issuers will begin sending the new cards to consumers this month. By spring 2004, the new system is expected to account for one in three transactions."

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