CHIP AND PIN ONE YEAR ON
Equifax reveals that 68% of consumers think it’s a good solution to tackle credit card and ID fraud
London, 19th February 2007 – One year on from the introduction of Chip and PIN, the latest survey* from online credit report provider, Equifax, reveals that 68% of British consumers believe that Chip and PIN provides a secure and safe way to pay. However, nearly 50% of respondents would also like to sign as well as use a PIN, for extra security.
“Our survey shows that the majority of consumers have positively adopted the Chip and PIN technology, which is great news in tackling credit and ID fraud” explains Neil Munroe, External Affairs Director of Equifax and ID Fraud Expert. “But what our survey also reveals is that the introduction of Chip and PIN and the need to remember PINs has meant that over a quarter of consumers have reduced the number of cards they use.”
In the 2006 Equifax survey on Chip and PIN, 35% of respondents had four or more PINs and struggled to remember them. Equifax still strongly advises consumers to have a different PIN for every card. Use a memorable number that isn’t their date of birth or telephone number, as that’s the first thing fraudsters will try. This is crucial because, according to the Equifax survey, although 78% don’t give their PIN to anyone, 20% said their partner knows their PIN. This is alarming given that 19% of respondents in an ID fraud survey Equifax conducted last year said it was a relative who committed ID fraud using their details.
Munroe continues, “It’s great to be in a trusting relationship, but the fact is it may not last. If things turn bitter there is a risk that a scorned lover could exact their revenge using PIN information given to them by their ex-partner, so people should think twice before giving anyone their PIN. However, it is encouraging to see that just 5% of people keep their PIN in their mobile, compared to 30% this time last year. Hopefully, this means people are finally realising the importance of keeping their PIN safe, which is the best way to keep fraudsters at bay.”
However, one challenge that still faces Chip and PIN, according to the Equifax survey, is the environment provided by retailers for consumers to enter their PIN. 74% of respondents feel that retailers still do not provide a safe and discreet environment to type in their PIN.
Key findings from Equifax Chip and PIN survey 2007:
- 68% feel Chip and PIN is secure and safe way to pay for goods
- 49% want to sign for goods as well as using their PIN
- 37% find it hard to remember their PIN
- 26% have reduced the number of cards they have to help them remember their PINs
- 19% let their partner know their PIN, putting them at risk from fraud
- Just 5% keep their PIN in their mobile phone, compared to 30% last year
- 74% don't think retailers provide a secure area for them to enter their PIN
"One year on, consumers can help Chip and PIN work, by keeping their PIN safe and retailers are already working on providing discreet areas for them to pay for purchases, helping increase confidence in the system. This is only one part of a big crackdown on ID fraud, but it’s certainly showing the fraudsters we mean business,” concludes Munroe.
* Survey conducted with over 800 Equifax customers in February 2007
