Chip & sPIN not so hot as card fraud soars

Well, don't say I didn't tell you so, but APACS has reported that card fraud in the UK soared by 25 per cent last year, with much of it down to foreign usage of stolen UK card details.

This surge is the first since Chip & sPIN was introduced to an unsuspecting public five years ago.

I was mildly amused to see the spin doctors at work in the APACS press release pack this week making noises that much of the fraud is due to cardholder-not-present transactions, as well as foreign usage.

The problem with this latter category of fraud is that most countries in Europe and Eastwards are now PIN-enabled, so, if Chip & sPIN is so secure, how can the card details be used in those countries if the PIN system is (fx: manic laughter) so secure?

Over to you APACS for an answer.

I can hear the spinmeisters working as I type this page up...