| Chip and PIN
is the new, more secure way to pay with credit or debit cards
in the UK.
It is the biggest change in the way we pay for goods since
decimalisation and is a major development in combating fraud.
Instead of using your signature to verify payments, you will
be asked to enter a four-digit Personal Identification Number
(PIN) known only to you.
Since its introduction chip and PIN has already had an impact
on card fraud with lost and stolen and counterfeit card fraud
down by almost a third in the first half of 2005.
The liability for fraud at the point of sale shifted to the
retailer in January 2005, since then retailers throughout
the UK have begun the migration to chip and PIN to ensure
they do not become targets for credit card fraud in the future.
After 14 February 2006 all chip and PIN cardholders must use
their PIN to be sure they can pay, they will no longer be
able to over ride the PIN prompt and sign for their goods.
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