Chipped cards that use a PIN for
security are more secure than
magnetic stripped cards as
terminals will recognise if they
have been cloned and are fakes.
Britain moved to the chip and PIN
security system on Valentine's Day
2006 in a bid to clamp down on its
growing credit card fraud problem
Now in Britain and Europe, credit
cards that contain microchips and
require a PIN rather than a
signature have become the norm.
Through ignorance, many merchants
are now rejecting cards with
magnetic strips as are commonly used
in Australia.
Through internet forums there are
other reports of cards being
rejected in France, Denmark, The
Netherlands and Switzerland.
ANZ has more than 1.7 million
chips cards in the market, having
been the first to introduce products
in Australian around 2001.
Westpac was the most recent to
announce the introduction of chipped
cards and from this month
Commonwealth Bank is introducing
chips on all replacement and new
cards.
Most other banks have announced
policies for the introduction of
chipped cards.
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