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Chip and pin technology abroad 'could help reduce credit card fraud in the UK'

Credit card fraud could be reduced if chip and pin technology was introduced in more places abroad, it has been suggested.

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21 July 2009

Chip and pin technology abroad 'could help reduce credit card fraud in the UK'”

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According to HSBC user-not-present fraud, where details are stolen from a card but money is extracted in countries with less strict security, could be reduced if international security standards were introduced.

Tim Pie, a spokesperson from HSBC, said that card fraud has decreased since the introduction of chip and pin technology.

However, where fraud has increased overseas, it is in places that don't have the technology, he suggested.

"If chip and PIN technology could be introduced into more markets where it is currently not in use then a major source of fraud against British card holders would be removed. A global standard on how ATMs read info on a card would foil the spread of user-not-present fraud which is the major growth area," the spokesperson said.

According to findings from the British Crime Survey and police, around a third of UK-issued plastic debit and credit card fraud takes place abroad.

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