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Chip and PIN
Jul. 12th, 2004 02:26 pmI've been asked for a PIN number a few times recently while using a Switch card, so this explanation of why it might not be a good idea is timely. Key point:
"The intention is to reduce losses from banks and merchants resulting from fraud. [...] There are two ways that losses to fraud can be reduced:
1. by reducing the amount of fraud which takes place; and,
2. by not paying compensation to people who are defrauded."
Past experience suggests that banks might concentrate on the second.
"The intention is to reduce losses from banks and merchants resulting from fraud. [...] There are two ways that losses to fraud can be reduced:
1. by reducing the amount of fraud which takes place; and,
2. by not paying compensation to people who are defrauded."
Past experience suggests that banks might concentrate on the second.