Credit card security system on track for success

Since June, chip and PIN technology has cost Irish banks and retailers up to €200m. But despite teething problems, it is here to stay, writes Niamh Hennessy.

CHIP and PIN was introduced in Irish shops in June last year and the changeover is estimated to have cost banks and retailers in this country up to €200 million.

This is not a trial and the concept is here to stay. It was introduced to bring increased security to using credit cards, so has it worked?