Chip and PIN apparently leads to increase in online fraud

The introduction of Chip and PIN security systems in the UK retail sector has apparently led to an increase in online fraud. The Association for Payment Clearing Services (Apacs) says “card” not present’ fraud (including online, telephone and mail) grew 29 per cent to hit &£90.6m in the first half of 2005, compared with &£70.2m a year earlier. Internet card fraud accounted for &£58m of the &£90.6m.

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