Chip ‘n’ Pin

Over the past few years Chip and Pin technology has been at the forefront of payment technology, phasing out the old system of signing a receipt when you pay for something by credit or debit card. When chip and pin was first introduced consumers, many of whom were a little wary of this new technology, were able to either enter their pin number into the special readers that were installed at retailers and business premises, or could ask to sign the receipt in the traditional way.

Many consumers were not used to having to remember their pin numbers, and therefore in many cases consumers would ask to sign the receipt instead of using the reader and entering their pin number into the machine.

However, one of the main reasons for introducing chip and pin technology was to reduce the chances of card fraud, and therefore failing to use this new technology was putting many people at increased risk of fraud. In early 2006 chip and pin technology was firmly installed, and consumers found that they were no longer able to sign receipts in order to make their credit and debit card purchases.

Instead they had to remember their pin number, and had to use the specialist readers in order to complete their purchase. For many people this was something of a nightmare because they weren’t used to having to remember their pin number.

Anyone that cannot remember their pin number due to medical reasons may still be able to sign for their purchases, but this is an exception to the rule rather than the norm. It is important to contact your bank in order to inform them if this is the case.

It is also a good ideal to look at changing your pin number either via your bank or through the cash machine if you find your existing number very difficult to remember. One thing you should avoid doing is writing your number down, as this can increase the chances of becoming a victim of fraud.

Although chip and pin technology has improved security for consumers in the UK, it is also important to remember that not all countries use this technology, and therefore you may still be at increased risk of fraud when using your credit and debit card in other countries.

An alarming number of consumers write down their pin number and keep it in their purse or wallet right next to the card, which makes it super easy for fraudsters and thieves to get their hands on your money without too much hassle – all they need to do is get a hold of your purse and wallet and they have all the information they need to go on a spending spree with your card.

One useful way to remember your pin number so that you can use chip and pin without running into regular problems is to choose a memorable date, such as part of your date of birth, or even part of your telephone number. It can be embarrassing to get to the checkout and then find that you have forgotten your pin number once your credit or debit card has been inserted, and many people have had to abandon their purchases because they could not remember their pin number when it was time to make payment.

Choosing an easier, meaningful, and memorable number that for one reason or another is personal to you is a good way of avoiding this embarrassment and being able to remember your pin number easily without having to risk your security by writing it down.