The UK Cards Association manages high profile, pioneering industry-wide projects.
We are the forefront of innovation in the industry, so that we remain at the top of the card payments arena, globally We support and encourage new payment card services that better meet member and stakeholder requirements and look to facilitate co-operative innovation between our members; pushing the industry forward.
One of the largest projects that illustrates our enthusiasm for innovation would be the introduction of chip & PIN. We were instrumental in the development of pushing this forward, and making the UK the first country in the world to complete the rollout of this global chip & PIN system.
Chip & PIN is the biggest consumer change programme seen in the UK since decimalisation and is part of a wider global programme to tackle increasing levels of plastic card fraud.
It has proven to be an undoubted success in reducing particular areas of card fraud:
- Losses on face-to-face transactions on the UK high street were reduced by 36% from £67.4 million in 2010 to £43.2 million in 2011.
- Fraud on lost and stolen cards (£50.1 million) is now at their lowest levels for 10 years.
- UK cash machine fraud has decreased by 12% to £29.3 million in 2010, from £33.2 million in 2010.
Whether it is technologies such as contactless cards, token based authentication or Near Field Communication (NFC) handsets; we will continue to push the implementation of these new developments.