Our Chip and PIN Card Reader Would Vastly Reduce Internet Fraud

"The payments industry recognises that the fight against fraud must be a long term commitment. The success of chip and PIN in driving down the use of stolen and counterfeit cards on the UK high street has driven the fraudsters to move to different types of attack. The two main areas of fraud in 2008 were on transactions not protected by chip and PIN: specifically internet, phone and mail order fraud; and fraud abroad - committed by criminals using stolen UK card details in countries yet to upgrade to chip and PIN. We have also seen fraudsters return to more traditional channels such as cheque fraud, whilst at the same time becoming increasingly sophisticated in the way they dupe the public into parting with personal financial details in order to take over accounts. Tackling all these types of fraud remains our priority, whether it be through work we undertake with the Fraud Control Unit on behalf of the industry, via law enforcement through the Dedicated Cheque andPlastic Crime Unit, working with other agencies like the National Fraud Authority, or by sharing fraud intelligence within and beyond the industry."