Smartcards to help Barclays cut out fraud

Smartcards to help Barclays cut out fraud
Melanie Reynolds Barclays Bank’s credit and debit cards will be smartcard-based within three years. The company believes that introducing smartcard technology will reduce fraud which reached ?135m in 1998, a rise of ?13m. Over 16 million cards will be involved in the scheme. Barclays has already issued 500,000 smartcards to its customers and a further 2.5 million cards will be issued this year. Barclays says it is working closely with retailers to introduce terminals at the point of sale and that its cashpoint machines are also being upgraded to accept smartcards. The roll out of the cards follows successful public trials of the technology last year.


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