Sandra Quinn, spokeswoman for the UK payments association APACS which co-ordinates the banking industry's fight against card fraud says:

"We are aware of the Cambridge University team's findings. There is absolutely no evidence at all to suggest that this has actually happened in the UK. However, as with all potential security threats, we will be looking closely at their findings to assess whether any action is required. Keeping customers' cards and accounts as safe as possible is a primary concern of every bank. Without customer confidence no bank could operate. Chip and PIN was never going to eradicate fraud, but our cards are certainly much safer because of it. Decreasing card fraud figures prove this. Most critically, any innocent customer who is the victim of this or any other type of card fraud, is protected by the Banking Code, which means that they will not lose out financially".

Ends

Sandra Quinn, Director of Communications
Tel: 020 7711 6234 Email: sandra.quinn@apacs.org.uk
Mobile: 07768 044656

Jemma Smith, Head of PR
Tel: 020 7711 6340 Email: jemma.smith@apacs.org.uk
Mobile: 07811 113075

Mark Bowerman, PR Manager
Tel: 020 7711 6251 Email: mark.bowerman@apacs.org.uk
Mobile: 07799 627256