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With most supermarkets now refusing to take cheques and the use of Chip and PIN terminals widespread, the average man in the street is required to remember an increasing number of PIN codes and, because many are finding this difficult, they are resorting to the unsafe practice of writing them down and keeping them to hand when out and about.
This may seem the simple solution but it does seem to negate the effect of the ever stricter security schemes being introduced by the banks. Holders of business bank accounts and some personal bank customers have been trialing a range of code generating devices. These work in conjunction with account passwords and sometimes a PIN Code to provide secure access to online bank accounts. These measures seem to be working but they are not practical if the person is out and about on the high street.
For a person with multiple codes to remember the advice is that it's better to use the same code and not write it down anywhere, rather that have different codes but keeping a written record. In fact you could be liable to losses if your bank found out you had written down your code and kept it in your purse or wallet along with your card.
For years now the banking security industry has been looking at fingerprint detection and retina scanning equipment but up to now the cost of these methods has outweighed the benefits. Chip and PIN has improved things in the UK with a drop of 4% recorded last year but cash machine fraud still amounts to £17m of losses each year. The figure for online banking is similar, with around £8m lost in the first half of 2007 due to fraud.
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