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Anti-fraud credit cards tested

 


A new system designed to beat credit card fraud has gone on trial in a British town.

Shoppers in Northampton will be using credit, debit or charge cards that contain a special chip.

Instead of signing for goods, the users will have to enter a four-digit pin number.

If successful, it will be rolled out across the whole country in the summer.

The UK banking industry is hoping the system, which has been commonplace in several European countries for a number of years, will reduce credit card fraud which last year alone cost them an estimated £400m.

It is expected 850,000 retailer terminals, 120 million cards and 40,000 cash machines will be upgraded over the next 18 months.

Full Article:
BBC News