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iCONTRACT

Plastic Fraud

For the first time in three years, credit and debit cards fraud has risen by 25% in the United Kingdom, amounting to a loss of GBP 535m. However, this is still lower than the scary numbers before the banks brought in the ‘chip and PIN’ technology. Chip and PIN is the name of a government-backed initiative in the United Kingdom to implement the EMV standard for secure payments. There is also a similar initiative in the Republic of Ireland called Chip and PIN Ireland. Banks throughout Europe have also agreed to bring in this technology by 2010. The fact that more countries are upgrading to this initiative will reduce the opportunities of using stolen cards outside the UK. More on this story here.

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