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10 October 2005
Debit and credit card fraud has declined by nearly a third, thanks to the introduction of chip and pin technology.
According to the Association of Payment Clearing Services (Apacs), card-related crime losses between January and June this year fell to £89.9 million, compared to £127 million during the first six months of 2004.
This is equivalent to a huge decrease of 29 per cent in fraudulent purchases.
It is believed that chip and pin technology has resulted in the fall in crime using lost, stolen, or counterfeit cards.
"Using chip and pin has already cut fraud - and now we want to close off even more opportunities for the fraudster," commented Sandra Quinn, the Chip and Pin Programme's spokeswoman.
Currently, 97 per cent of debit card transactions are confirmed using chip and pin, with consumers urged to memorise their four-digit code, as it is to become compulsory from February 14.
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