mmm, Chips
Credit Card companies have relied on a magnetic strip combined with a signature for security for years. That’s not really good enough - and it hasn’t been for years.
In 2002 in the UK there were £11m of fraudulent transactions , one fraudulent transaction every eight seconds (that’s for a population of 60m children and adults). A couple of days ago The people behind Britain’s biggest cc cloning operation were sent down.
Luckily the CC companies have finally pulled their collective fingers out and plan to update the whole thing to a Chip and PIN system. The system goes live throughout the UK by the end of 2005. I can’t wait - I’ve had my CC cloned twice, and have been wanting a system like this since I saw the French system (which is somewhat similar and has been in use for over 10 years)
tom says:
Now if only they’d implement some kind of system that prevents me from racking up a huge bill each month I’d be happy.
September 11th, 2003 at 10:54 am