Cell Phones and a Cashless Society

UK Bank Card Fraud Reduction Attributed to Chip-and-PIN Cards

October 8, 2009

Wired - Bank card fraud in the United Kingdom fell by 23 percent during the first half of this year; but online banking fraud jumped by 55 percent, according to Banking Times. Phishing attacks increased 26 percent.

The drop in card fraud is attributed to the country’s switch to chip-and-PIN cards as well as to other anti-fraud measures implemented by VISA and Mastercard, such as “Verified by Visa” and “Mastercard Secure Code”.

The chip-and-PIN security scheme was launched in the UK in 2004 and became mandatory nationwide in early 2006. The system uses a chip embedded in bank cards that verifies the customer’s PIN when he or she enters it on a keypad. The chip holds a secret key that validates the card to the bank. The key is supposed to ensure that fraudsters who know a bank customer’s PIN can’t simply embed the data into any chip-enabled blank card. The system is also supposed to resolve questions about who is liable when funds are withdrawn from accounts, since only someone who possesses both the card and the PIN can theoretically make a withdrawal.

Chip-and-PIN addresses only card-present transactions. But the industry body, Financial Fraud Action UK said that losses on transactions where cards aren’t present (such as on the internet or over the phone) dropped 18 percent.

According to Nick Sandberg ("Blueprint for Total Control," 2001) and Serge Monast ("NASA's Project Blue Beam," 1994):

By first removing cash and then by introducing problems into electronic money systems while simultaneously promoting microchip implants as a safe and acceptable alternative, the global elite will lead us slowly into accepting personal implant technology.

The phasing out of cash most likely will begin with some kind of worldwide economic disaster—not a complete crash, but enough to allow the New World Order to introduce some kind of in-between currency before they introduce their electronic cash to replace all paper money. The in-between currency will be used to force anyone with savings to spend or turn in their cash, because the global elite understand that people who have money are not dependent upon them and might be the very ones who will mount an insurrection against them. If everyone is broke, no one can fund a war of any kind: paper currency will cease to exist; this will be one of the first signs.