Chip and PIN seeks to cut fraud

IRELAND is about to close the door on the type of hi-tech credit card fraudsters who swindled €750 million from the British economy last year.

New figures show one in two Irish credit cards have now been upgraded to more secure technology and that the changeover to so-called chip and PIN cards will be complete before the end of the year.

The Irish Payment Services Organisation (IPSO), the banking industry body that handles payments systems, said yesterday that the new cards would dramatically reduce the number of counterfeits. IPSO programme manager Barry O’Mahony said the switch meant Ireland would not be seen as a weak link by sophisticated European gangs.