January 25, 2006

February 14th 2006 marks the date that everyone who has a Chip and Pin credit card will have to start using their PIN (Personal Identification Number) when making purchases. Anyone who does not know their PIN may be left embarrassed at the till if their credit card is refused.

Chip and Pin has had a dramatic effect on credit card fraud. It is estimated that credit card fraud has fell by 31%; however, over £1.4m a day is still lost.

Chip and Pin have been in operation for the last 18 months and consumers have had the option of using their PIN or a signature. This is all set to en on February 14th, as retailers will no longer accept credit card purchases without a PIN.

There will be some exceptions made, for instance, if your credit card has been supplied from out with the UK or your credit card is one of the 4% still to be upgraded to a Chip and Pin style.

Staffs at the tills have been informed to not offer any other means of accepting a credit card other than to use a PIN.

If your PIN number is hard to remember you are free to change your PIN at any ATM.