Paying The Price for Chip & PIN

James

Sky News investigation has revealed that Chip & PIN may merely have helped shift the financial liability for fraud onto the cardholder.

Video:

http://www.sky.com/skynews/video/videoplayer/0,,30100-chip_p16153,00.html

Get yourself a Chip & Signature card and continue to sign.

No PIN = No laibility!

This is what CAHOOT say about CHIP & PIN (From their website)

You will benefit from these changes because CHIP and PIN reduces the amount of card fraud and hassle that goes with it, therefore giving you more peace of mind.

Using your PIN will help prove that you are the genuine owner of the card, whilst built in microchip technology holds your card data so securely that it cannot feasibly be copied or altered.

Who is to be belived

Cahoot? (Invested Millions)

Jemma Smith (APACS spokesperson, representing CHIP & PIN).

Prof Anderson (No vested interest)

Ms Harvey (Victim - with only her money to recover).

jamesd

Chip and PIN has dramatically increased the number of times you must risk disclosure of your PIN so it has also significantly increased the probability of card and PIN being used together by someone other than the cardholder.

For the banks, it has also reduced the total amount of fraud, but now they are more likely to blame their customer for any that happens.

One case is pickpocket after use in a supermarket, observing the PIN being entered. Use the stolen card and PIN at the supermarket ATM. You can guess how likely the bank is to believe that it wasn't you taking the money out.