Chip and PIN 'remains safe'

By Sarah Engle, Mon 15 Feb 2010 - Published in Credit Cards

The chip and PIN system remains a safe way for people to make payments, it has been claimed.

Recent research carried out by the University of Cambridge found that there is a way to trick chip and PIN terminals into thinking a genuine transaction has been made.

However, Jemma Smith, head of public relations at UK Payments, said that the industry was aware of the loophole and downplayed the risk of it being exploited by fraudsters.

"As it stands there is no evidence at all which suggests this kind of fraud is being committed. Primarily this is because, sadly, there are more simple ways to undertake fraud," she commented.

Ms Smith also claimed that the payments industry has means in place to detect if fraud of this nature is attempted and many criminals realise the rewards of the method do not justify its risks.

Last year, the Financial Fraud Action UK claimed that the chip and PIN system has been successful in reducing the opportunities for criminals to commit fraud.

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