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Getting ready for Chip and PIN |
For retailers, the introduction of credit and debit cards that support the Chip and PIN system means a lot more than simply having to get the customer to key in their four-digit PIN on a small keypad.
The rules of fraud liability changed at the beginning of 2005. If someone uses a stolen card to buy something from you, and it turns out that the fraud could have been prevented by using a Chip and PIN terminal, it will not be the bank that bears the cost: it will be your company.
The effects of Chip and PIN will not just be felt in the high street. Experts believe fraudsters will move onto the internet to make use of stolen cards or card details. Although the anti-fraud procedures for online and telephone orders are not going to change initially, once the Chip and PIN rollout has reached almost all users in the UK, the banks may start to demand retailers change their methods here as well to combat fraud.
Companies will need to be aware of how frauds could be committed and put procedures in place to ensure they do not become liable for losses. Businesses will have to pay close attention to how both their physical and online retail operations work if they are not to lose out to criminals.
Feature:
 Making the Net Work for Chip and PIN (44K)
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