Credit Card fraud bonanza looms
Thousands of businesses will be liable for credit card fraud on tommorow night because they have not switched their tills to chip and pin.
As many as one in 10 of the country’s tills have not yet been switched, according to Apacs, which represents banks and credit card companies whilst thousands of cardholders are also waiting for their old-style credit and debit cards to be replaced by their banks.
Apacs confirmed that 770,000 out of 860,000 tills have so far been upgraded, but some smaller shops have refused to make the switch.
Ben Thomas, Apacs spokesman, said: ‘Some people won’t choose to enrol in the system. These will tend to be retailers who do much smaller transactions and where fraud is less likely to occur.’ ‘Many who don’t come across will find that fraudsters will find them out as a loophole.’
ACS spokesman Shane Brennan said: ‘Chip and pin has had massive success on cutting down on card fraud but there is growing concern amongst our members that the card fraud crime is being displaced to other kinds of crime, like theft against retailers.’
