From: jjamies@tiscali.co.uk (James)
Newsgroups: uk.finance
Subject: Re: PIN fraud
Date: 18 Apr 2004 14:19:25 -0700

"Tumbleweed"  wrote in message news:<4081c0ee$0$10749$afc38c87@news.easynet.co.uk>...
> "James"  wrote in message
> news:471fc78e.0404171340.51daffa3@posting.google.com...
> > I've declined to have a PIN with the New Type Chip and PIN credit
> > cards. I've opted for a Chip and Signature Card, therefore I can't be
> > held liable for being negligent with a PIN. I won't be able to draw
> > money at cash machines but neither will crooks.
> >
> > James
> 
> The problem you will have in future (???4 or 5 years , thats how long I
> guess it will take for the vast majority of people to switch over and use
> PINS routinely) is that shops will decline your card if you dont put the PIN
> in. Sure they'll lose your business, but they will also believe the chances
> of it being fraudulent are high, so they wont mind that.

Tumbleweed - Were you aware that a Chip & Signature Card vice Chip &
PIN is an option. A Chip & Signature Card when inserted into a new
type card reader will inform the cashier that a signature is required
vice a PIN. This the banking industry will tell you is to accomodate
those who are unable to handle a PIN, although nothing specific has
been publicised. I am not surprised as this is a delicate subject.

Chip & Signature Cards will be accepted for many a year, or until a
better means of proving you are who you say you are is established.
The essence of a Chip and Signature Card is that liability remains at
£50 maximum.  As I've said before, I can see no reason why anyone
would want a PIN with their credit card that is unless they wish to
draw cash at an ATM. The card industry should be a wee bit more honest
when it comes to PINs with credit cards and liability shift. The
majority of colleagues I've asked have no idea what their credit card
PIN is or the what the implications of having a PIN.

The card industry couldn't have come out with a better catch phrase
than 'Safety in Numbers,'  it certainly is for the industry.
 
James