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Thursday June 24, 06:10
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Banks Expect Delays In Chip & PIN Accreditation
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UK banks may be unable to handle a late rush in demand for chip and PIN accreditation from retailers, with just six months remaining before liability for card fraud shifts to retailers who are not chip-enabled. To avoid a ‘log jam’ of retailers needing accreditation, which takes up to six months to complete, Barclaycard is promoting a move to chip and PIN systems sooner rather than later. Mid-sized retailers are likely to incur the biggest delay in accreditation, given their scale and the fact that smaller retailers will tend to use their banks’ chip and PIN-compliant terminal services.
Despite predictions that chip and PIN systems will drive card fraud to other channels, Visa UK is confident of a return on investment, citing value-added services such as multiple payment options and self-service as benefits. Under chip and PIN, cardholders will drive transactions themselves, and restaurant bills will be split by bringing wireless POS terminals to tables for the payers to key in their PIN, instead of giving their cards to waiting staff. As a PIN will effectively be the key to a credit card, consumers will however need to take greater precautions to secure the salient details.
(Computer Weekly)
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