Chip and PIN was meant to beat credit card fraud. Guess what? It’s up 50% | Mail Online: “Card fraud has leapt almost 50 per cent since the introduction of the chip and PIN system that was supposed to cut the problem.
The total hit a record high of £609.9million in 2008, which was 14 per cent up on the previous year.
More disturbingly, the figure has jumped by £182.8million – 43 per cent – since the chip and PIN system became universal on Valentine’s Day in 2006.”