Chip & Pin cuts fraud

[Smegnoguk]

I see that bank fraud has been cut by 13% (£65 million) because of chip & pin:

 

http://news.bbc.co.uk/1/hi/business/4779314.stm

 

Does that mean that we can expect a reduction in bank charges to reflect this!

[Bookworm]

And don't forget, sometimes, it costs them MORE than £35, the little lambs must be entitled to some compensation, surely? Smegnoguk, you should be ashamed of yourself!

[Guest HUSBANDKHAN]

the more advance the banks try to be the more people are going to get around them. like the shell [problem] which has lost shell 1.5 million quid in chip and pin fraud

[PhantomReclaimer]

Cynical that I am, I always thought that the C&P system was not so much a way of reducing fraud but reducing the banks exposure to it.

 

When you had to sign for everything you just steal someones card and forge their sig - which you probably can't see too well on the card anyway for comarision. In this case the card company usually carried the loss due to the fraud.

 

With chip and pin they have complete denyability because they have the argument that it's always the card holders fault because they must have been careless with the number.

 

So, do these figures represent an actual reduction in card fraud or just a reduction in lossess to the banks?

 

P.

[Guest HUSBANDKHAN]

ok chip and pin works in the shops(example) what about over the internet ? it can still be challenged as the banks do not like the police getting involved and nosing about. also if this sort of thing went to court i do not think the bank would be able to prove that chip and pin is safe.

[Guest HUSBANDKHAN]

also i believe tescos was hit and so were bp etc. havent heard anything lately

[Smegnoguk]

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