The Promise of Chip |
|
Chip technology is becoming the global standard for payment cards, and
with good reason. The chip card offers benefits to every party involved
in a transaction. Consumers. Financial institutions. And yes,
merchants. Particularly merchants. |
Chip News
Figures released today (7 March 2006) by APACS, the UK payments association, show total card fraud losses fell by 13% compared to 2004 (£439.4m in 2005 compared to £504.8m in 2004). This fall is attributed to chip and PIN which has already resulted in a reduction of nearly £60m in combined counterfeit and lost and stolen card fraud losses – a fall of 24% - and in mail non-receipt fraud, which fell by 45%. |
