Exactly six months on from PIN day (Valentine’s Day 2006, February 14th), APACS, the UK payments association (14 August) issued an update on the successful progress of chip and PIN. The key statistics are:
Britain is now a truly mature chip and PIN nation. Millions of people have adapted to the change with no problems at all. This means that we are all a lot safer when we go shopping, and that fraudsters have been denied millions of pounds of stolen money. Of course it hasn’t eradicated fraud, it never could, as fraudsters will continue to target us and our money. But it is a fact that chip and PIN has made our cards safer than they were two years ago and banks and retailers will continue to work together to keep it this way.
However, we need to remain vigilant, as fraudsters will always try to find other ways to get hold of our money. That is why we are constantly reminding cardholders how to protect themselves from fraud.
Paul Smith from the British Retail Consortium (BRC) also welcomed the new statistics:
"The BRC is delighted that the switch to chip and PIN has been so successful. Feedback from our members has been overwhelmingly positive with many reporting that once customers have got used to using their PIN transaction times have become quicker"