€100m spent on ‘smart’ credit cards to cut fraud

THOUSANDS of credit cards designed to prevent fraudsters ripping shoppers off are being delivered to homes around the country at a cost of €100 million.

The new cards contain a small microchip, instead of the regular magnetic strip, and are used with a personal identification number (PIN). This means customers will now key in a PIN number rather than sign a slip of paper.

The new chip and PIN technology will all but eliminate counterfeit fraud, where cards are copied, or skimmed, and used in transactions around the globe, and the use of lost or stolen cards.