Adam & Company: The Complete Private Bank  
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What is Chip and PIN? * How does it work? * The importance of your PIN * When will it happen? * Frequently asked questions
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Chip and PIN logoChip and PIN is a good thing

What is Chip and PIN?

Chip and PIN is a more secure way to make card payments which is designed to protect cardholders from the risk and inconvenience of card fraud. Chip and PIN technology is part of a Government backed initiative which is being fully funded by banks, retailers and card issuers.

Chip and PIN has become the standard way to pay using a credit, debit or charge card.

Why is it more secure?

The new system combines a microchip with a Personal Identification Number (PIN). The microchip contained within the card stores data more securely and helps to prevent counterfeiting, while the PIN helps to ensure that the person using the card is the genuine owner, unlike a signature which can be easily forged. Known as PIN Protected cards or chip and PIN cards, the combination of a chip and PIN has been proven to be highly effective in combating card fraud.

In France a similar system has cut card fraud by over 80%.

Now read... How does it work?