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    Chip and Pin Apacs Faq

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    Lokesh
    After February 14, 2006, customers in the UK must use their PIN instead of signing to complete chip-and-PIN transactions. Allowing signatures on chip-and-PIN cards increases fraud risk by giving thieves a window of time to forge signatures before the card is reported stolen. While some customers may find using a PIN more difficult, those unable to can request alternative options from their card issuer. Additionally, the introduction of chip-and-PIN does not change liability for consumers, who remain fully protected from fraud costs. While retailers gained some fraud liability as of 2005, this does not impact customers. Retailers are covered if customers use PIN or signature as long as they follow prompts to check for stolen cards

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    Chip and Pin Apacs Faq

    Uploaded by

    Lokesh
    71 views1 page
    After February 14, 2006, customers in the UK must use their PIN instead of signing to complete chip-and-PIN transactions. Allowing signatures on chip-and-PIN cards increases fraud risk by giving thieves a window of time to forge signatures before the card is reported stolen. While some customers may find using a PIN more difficult, those unable to can request alternative options from their card issuer. Additionally, the introduction of chip-and-PIN does not change liability for consumers, who remain fully protected from fraud costs. While retailers gained some fraud liability as of 2005, this does not impact customers. Retailers are covered if customers use PIN or signature as long as they follow prompts to check for stolen cards

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    After February 14, 2006, customers in the UK must use their PIN instead of signing to complete chip-and-PIN transactions. Allowing signatures on chip-and-PIN cards increases fraud risk by giving thieves a window of time to forge signatures before the card is reported stolen. While some customers may find using a PIN more difficult, those unable to can request alternative options from their card issuer. Additionally, the introduction of chip-and-PIN does not change liability for consumers, who remain fully protected from fraud costs. While retailers gained some fraud liability as of 2005, this does not impact customers. Retailers are covered if customers use PIN or signature as long as they follow prompts to check for stolen cards

    Copyright:

    Public Domain
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    71 views1 page

    Chip and Pin Apacs Faq

    Uploaded by

    Lokesh
    After February 14, 2006, customers in the UK must use their PIN instead of signing to complete chip-and-PIN transactions. Allowing signatures on chip-and-PIN cards increases fraud risk by giving thieves a window of time to forge signatures before the card is reported stolen. While some customers may find using a PIN more difficult, those unable to can request alternative options from their card issuer. Additionally, the introduction of chip-and-PIN does not change liability for consumers, who remain fully protected from fraud costs. While retailers gained some fraud liability as of 2005, this does not impact customers. Retailers are covered if customers use PIN or signature as long as they follow prompts to check for stolen cards

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    Chip and PIN APACS FAQ

    When will cardholders no longer be allowed to sign if they forget the PIN of their
    chip and PIN card?

    After 14 February 2006, you must use your PIN to be sure you can pay with your chip
    and PIN card. Allowing signature on chip and PIN cards gives fraudsters a window of
    opportunity between the time they steal a card and the time the owner reports it lost or
    stolen, during which time they can claim they don’t know the PIN and forge the
    signature. By getting all shoppers to use their PINs on chip and PIN cards we will prevent
    this from happening.
    Of course, we recognize that using a PIN may be more difficult than signing for some
    customers, and if you are unable to use chip and PIN due to a disability you should speak
    to your card company who will provide you with an alternative such as a chip and
    signature card.

    Who is liable for card fraud now — the consumer or the retailer?

    With the introduction of chip and PIN there is no change in liability for the cardholder.
    Consumers remain fully protected from the cost of card fraud and are covered under The
    Banking Code. From 1 January 2005 there was a shift in liability for some types of card
    fraud from banks to retailers, but this does not affect cardholders in any way.
    If businesses have chip and PIN terminals in store, they are covered from the cost of card
    fraud whether people enter their PIN or their signature, just so long as staff follow the on-
    screen prompts and carry out the routine checks ensure cards have not already been
    reported lost or stolen.
    Banks will continue to be liable for the cost of card fraud committed on old-style non-
    chip and PIN cards, so by accepting them no business is putting itself at risk in any way.

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