Smartcards to save credit card companies millions

Banks are hoping "smartcards" will make a significant dent in credit and Laser card fraud in Ireland, which costs millions of Euro every year.

They are expected to finish issuing more than three million new "Chip and PIN" cards this spring.

The cards have a magnetic chip, which means customers no longer have to sign receipts for purchases.

Una Dillon of the Payment Services Organisation said that financial institutions have been losing up to €10m a year through unauthorised use of lost and stolen cards.

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