With only days to go until all British Chip and PIN cardholders will be required to use their PIN to be sure they can pay with their card, the UK Chip and PIN program has reassured overseas cardholders that they will still be able to sign for their purchases in the UK after the February 14, 2006 deadline.
For the last three years, the UK banking and retail industries have been working together to implement a new fraud-fighting technology for debit and credit cards.
This new Chip and PIN technology involves a customer entering a four-digit PIN instead of signing their name when paying for goods and services. The service has been implemented to stem the rising level of fraud which, if left unchecked, had been forecast to cost British business more than GBP800 million a year by 2005.
In the UK almost all the conventional magnetic stripe cards have now been upgraded to Chip and PIN with over 80% of shops and businesses accepting PIN transactions.