The Chip and PIN technology will see the end of credit and debit cards with magnetic stripes for authorisation. This will be replaced with a smart chip and by 2005 all card holders will be required to verify their PIN details.

Credit Card fraud is a major problem that needs to be eliminated. Banks and Retailers have joined forces with card scheme solution providers in order to combat this problem. From 1st of January 2005, retailers who have not upgraded to Chip and PIN technology will be Liable for any credit and debit card fraud which takes place within their business premises.

The purpose of the implementation of Chip and PIN technology at Point of Sale is that of providing a more secure system with considerable reduction of fraudulent transactions.

Retailers require to upgrade systems and software as soon as possible. Remember, as we approach 2005 there will be a mad rush of retailers trying to arrange equipment, software upgrades and acquirer authorisation. Don’t get caught in the rush.