Retailers Risk Fraud Without Pin & Chip

UK retailers will be running the risk of fraud, if they do not upgrade to chip and PIN technology.

The technology requires customers to swipe a card and key in a PIN number - the banking industry hopes the change will help to cut fraud by up to 60 per cent. Most large chains are in the process of switching, as are smaller retailers which typically rent their equipment. Some mid-sized retailers are hanging on until the 2005 deadline.