Sunday September 27, 2020

Chip-and-pin saves €1m for banks as fraud falls

Banks and other lenders have saved €1 million due to a reduction in the number of frauds, as a result of the introduction of chip-and-pin credit cards.

10th June, 2006

According to the Irish Payment Services Organisation (IPSO), there was a 50 per cent drop in reports of credit cards being ‘skimmed’ in the first quarter of the year, compared to the last quarter of 2005.

Skimming is an electronic method of stealing personal information. The skimmer is a small device that scans a credit card and stores the information in the magnetic strip. Skimming can take place during a legitimate business transaction.

Una Dillon,...

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