Retailers Urged To Realise Full Benefits Of Chip & PIN
Ensuring staff and customers make full use of Chip & PIN is set to be the key factor for retailers and restaurants in their battle against UK card fraud which has now topped £500m.
Dalgety Bay, Scotland - 29 Mart 2005 - According to figures released by the Association of Payment Clearing Services (www.apacs.org.uk
), UK card fraud rose by 20% last year to £504 million as fraudsters increased their illegal activities before the security benefits of Chip & PIN are fully realised.
It is expected that Chip and PIN will have a particular impact on counterfeit card fraud (up 17% to £129.7m in 2004 from £110.6m in 2003) and fraud on lost and stolen cards (up 2% to £114.4m compared to £112.4m in 2003).
Retailers and restaurants across the UK now have a central role to play in educating staff and customers on Chip & PIN technology and ensuring its benefits are fully realised.
Malcolm Bushell, Managing Director of Ingenico Northern Europe, the world’s biggest developer and supplier of Chip & PIN technology, said: “The banks knew that 2004 would be a difficult year because fraudsters would be increasing their illegal activity before the security benefits of chip and PIN are fully realised.”
“There is no doubt that Chip & PIN technology is going to have a significant impact on card fraud in the UK and we can expect to see the figures decrease once full coverage has been achieved, particularly in the areas of lost and stolen cards and counterfeit cards.
“However, having identified the correct method for tackling card fraud the emphasis now switches to education. As with any new technology, especially one which impacts on so many lives, any concerns which people may have must be tackled if the full benefits of Chip & PIN are to be realised. Retailers also have an important role to play in educating their staff and ensuring that equipment is placed in suitable locations.”