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MONEY COMMENT
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Over the next few weeks, banks, retailers and card issuers are going to start the process that should help considerably to cut card fraud. Unfortunately, it'll mean that you'll have to remember yet another Personal Identification Number (PIN) but as more than £1m of card fraud is committed every day according to the Association of Payment Clearing Services (APACs), it'll be worth it. And, you never know, maybe card issuers will even cut some of their charges if they're not losing so much money to the thieves! The new system – known as Chip and PIN - was trialled successfully in Northampton earlier this year and it's based on a similar scheme used in France. Essentially, instead of signing anything, you'll simply swipe your card through a machine and then type in your PIN just as you do at the cashpoint. The scheme will be rolled out over the next 18 months so that most plastic card transactions will be Chip and PIN by December 2004 and will affect 42 million cardholders. And about having yet another PIN to contend with? You'll be able to change it to one you can remember. Hurrah! Find out more about Credit Cards and keeping them safe.