Feeds

Chip and PIN hits 8 million cards

'Steady progress'

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

Plans for the UK rollout of a more secure method of authorising credit and debit card payments are progressing steadily, with around eight million next-generation cards issued to date.

The Chip and PIN scheme, which began in October 2003, is designed to make credit and debit card purchases more secure by asking the majority of consumers to enter a four digit PIN code instead of signing to verify card transactions by 2005. Newly-issued credit and debit cards will come with smart chips to recognise this PIN number when transactions are processed.

Eight million next-generation cards have been issued, which means that an estimated one in six cardholders have received a new, secure chip and PIN card, according to a quarterly update 'barometer' issued today. Meanwhile approximately 100,000 businesses accepting plastic card payments have switched over to Chip and PIN.

The rollout of chip and PIN is been backed by the UK’s banking and retail industries.

New chip and PIN cards will be issued and tills switched over according to the individual plans of banks, merchants and retailers.

Five of the UK’s biggest card issuers had begun issuing chip and PIN-enabled credit and debit cards. And by the beginning of 2004, Safeway, the supermarket chain, which has completed its rollout, was accepting an average of 100,000 successful chip and PIN transactions a week across its 480 British stores.

Sandra Quinn, chip and PIN spokesperson, said: “We are pleased with the first weeks of the chip and PIN rollout. Cardholders and retailers across the UK are starting to benefit from this new fraud-busting technology.

"Cardholders don’t need to do anything until they receive their new card."

The UK Chip and PIN Programme is part of an international initiative to tackle credit and debit card fraud. France has seen an 80 per cent reduction in fraud since the introduction of a similar PIN-based system (restricted to domestic debit cards) ten years ago.

Chip and PIN is designed to address losses arising from counterfeit, lost and stolen card transactions.

Other types of card fraud, such as identity fraud and card-not-present fraud, are being tackled through separate initiatives.

These schemes include programmes to verify a cardholder's address and cross-checking a card's security code to combat fraud made over the phone and internet alongside various education and research initiatives. ®

External Links

Chip and PIN Programme - "the biggest consumer project since decimalisation"
"Annual card fraud figures reach record high", APACS report (PDF)
UK plastic card fraud facts and figures

Related Stories

Chip and PIN goes national
Small. biz needs help with chip and PIN
Smart credit card scheme kicks off in the UK
FSB calls for e-fraud 'liability shift'
Chip and PIN: not enough to beat card fraud
Smart credit on UK cards. Will it cut fraud?
Joe Public blames banks for credit card fraud
Credit card firms 'profit from Net fraud'
'Open and helpful community' - of credit card thieves

Beginner's guide to SSL certificates

More from The Register

next story
Russian hackers exploit 'Sandworm' bug 'to spy on NATO, EU PCs'
Fix imminent from Microsoft for Vista, Server 2008, other stuff
Microsoft pulls another dodgy patch
Redmond makes a hash of hashing add-on
FYI: OS X Yosemite's Spotlight tells Apple EVERYTHING you're looking for
It's on by default – didn't you read the small print?
'LulzSec leader Aush0k' found to be naughty boy not worthy of jail
15 months home detention leaves egg on feds' faces as they grab for more power
Forget passwords, let's use SELFIES, says Obama's cyber tsar
Michael Daniel wants to kill passwords dead
Kill off SSL 3.0 NOW: HTTPS savaged by vicious POODLE
Pull it out ASAP, it is SWISS CHEESE
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.