Six months on from the day that Pin-approved payments on all chipped cards became mandatory, payment services association Apacs has hailed the system as a success.
More than 99.8 per cent of all transactions on all chipped cards are now pin-verified, said Apacs, and more than 150 payments are made every second, up from 85 one year ago.
Thanks to improved security on the overwhelming majority of sales, fraud involving lost or stolen cards fell by 24 per cent, or almost £60 million, compared to 2004.
“Britain is now a truly mature chip and Pin nation,” said chip and Pin spokeswoman Sandra Quinn. “Millions of people have adapted to the change with no problems at all.
“This means that we are all a lot safer when we go shopping, and that fraudsters have been denied millions of pounds of stolen money.
“Of course it hasn’t eradicated fraud, it never could, as fraudsters will continue to target us and our money.
“But it is a fact that chip and Pin has made our cards safer than they were two years ago and banks and retailers will continue to work together to keep it this way.”
This article: © Moneyexpert Ltd.