Brits "comfortable" with chip and pin
The introduction of chip and pin has proved to be a success, with counterfeit card fraud reportedly down and the number of consumers comfortable in using the method on the up.
Chip and pin, which requires cardholders to enter a four-digit pin number to confirm a payment rather than the old system of signing a receipt, has led to a 33 per cent decline in card fraud, according to a study by Alliance & Leicester.
In addition, the study also found that 86 per cent of consumers are now
comfortable with using this system, compared to just 58 per cent a year ago.
Simon Ripton, current account manager at Alliance & Leicester, commented: 'A year on from chip and pin the overwhelming majority of consumers are comfortable with using the system, and recognise the benefits it has brought in terms of fraud reduction.
'But it isn't just the security benefits; 52 per cent also say that chip and pin has speeded up transactions – which has to be beneficial to consumers and retailers alike.'
Indeed, the study found that many consumers aren't just comfortable with using the system, but actually think that it is a very good idea, with 82 per cent professing to this.
It also appears that cardholders are becoming more adept at guarding their pin, with only two per cent risking writing their number down and carrying it about their person, compared to 14 per
cent a year ago. | 
