Chip and PIN Was Meant to Beat Credit Card Fraud. Guess What? It's up 50%

Card fraud has leapt almost 50 per cent since the introduction of the chip and PIN system that was supposed to cut the problem.

The total hit a record high of £609.9million in 2008, which was 14 per cent up on the previous year.

More disturbingly, the figure has jumped by £182.8million - 43 per cent - since the chip and PIN system became universal on Valentine's Day in 2006.

The surge in card fraud comes as the big banks are taking a tough line with victims and increasingly refusing to pay refunds.

At the same time the Home Office has decided that it is no longer the job of the police to record and investigate card fraud. Now police forces across the country are directing victims to their banks, rather than mounting investigations.

Read more...

Problem - Reaction - Solution

And the solution is??