Chip and PIN fraud hits Lloyds TSB

Lloyds TSB has admitted that flaws in the new Chip and PIN system recently introduced for debits cards in the UK open up the system to fraud. Conventional fraud may be down because of the system but crooks are still able to use cloned debit or credit cards in foreign ATMS.

Instead of authorising debit card transactions by signature Chip and PIN means that customers use a four digit PIN code to give the go-ahead to purchases. Chip and PIN fraud hits Lloyds TSB | Channel Register

Linked by shanmuga Thursday, 11th May 2006 10:03PM