My latest article for The Times Online, called “Chip and SPIN“, points out that the much-trumpeted switchover to using PINs rather than signatures for plastic card transactions in the UK may not have been as consumer-beneficial as the banks would like us to believe.
Since it was published, someone has emailed me the following additional information:
- In 2005, fraud at ATMs stood at £74.6M, a rise of 81% on the previous year. (Source: Card Fraud the Facts)
- A recent announcement from Tesco, relating to their attempts to combat card fraud, said: “Statistics show that skimming accounted for over £95 million-worth of losses to customer accounts across the entire network of ATMs.”
This is another rise (of about 27%) for 2006 so far.
- It should be possible to contact your bank and opt for a “Chip and Signature” card if you feel unsafe using a PIN.