Brighton & Hove Business Forum
8-11 Pavilion Buildings, Brighton, BN1 1EE
Tel: 01273 735442
© Brighton & Hove
News - 5 September 2004
Fraud falls as Chip & Pin spreads
According to market analyst Datamonitor, fraud fell last year for the first time in nine years, to reach £402.4m. However, experts are warning that as more retailers adopt the Chip & Pin system, identity theft is likely to increase.
Under the new Chip & Pin system, cardholders use a four digit PIN number instead of signing a till receipt. It is theoretically more difficult for fraudsters to steal a card and the corresponding PIN than to steal a card and forge the signature.
It is feared that the focus of criminal activity will shift toward stealing information relating to the identity of individuals. Such information may be disposed of unwittingly when personal documents are discarded in dustbins without being shredded or burnt. Datamonitor is warning consumers to be more vigilant about protecting their personal identity.
Read related items on: