15% of firms not ready for chip and PIN day

I heard over the weekend that Budgens has allegedly had problems with implementing its chip and PIN system at point of sale, but has now beaten the problem, just days before February 14, the date when APACS has decreed that retailers will be liable for fraud committed with signature fraud.

Budgens, I hear, however, is requesting customers to both sign the slip and enter their PIN as a double security measure.

I doubt this is an extra level of security - more likely an IT problem stop-gap. Or cock-up. Allegedly. Possibly.

I suspect, however, that some retailers will move over to PIN and signature for situations where they are worried about fraud. The only question is - what will APACS make of such a move?

Myself, I think it's a really good idea, providing that APACS supports such an initiative.

APACS has its hands very full at the moment, as it claims that 90,000 of the UK's 860,000 EFTPOS terminals in stores are still not chip and PIN compatible.

You know, this chip and PIN lark has all the hallmarks of a classic IT fiasco. You read it here first guys and girls...