ELECTRONIC CHIPS TO HELP THE FIGHT AGAINST CREDIT CARD FRAUD.

• Position: Company Business and Marketing

The Visa European Union group is set to invest Euro 168 million over five years to encourage European banks to have microchips incorporated into Visa bank cards as part of a bid to deter fraud, Visa European Union reported on 4 April when unveiling its performance for the year 2000. The programme features financial incentives to prompt banks to adopt the new international standard EMV (Europay, Mastercard, Visa), assistance to companies to supplement their range of products, technical assistance, and so on. If by 2005, when the programme draws to a close, banks have not adopted the chip card, they will be regarded as being responsible for fraudulent transactions that could have been avoided with the chip. Retailers will then be relieved of any responsibility for...