Smart credit on UK cards. Will it cut fraud?

security       2003-04-11 
UK banks, building societies and retailers are to introduce a more secure method of authorising credit card payments.
Designed to combat fraud, the Chip and PIN Programme will see the magnetic stripes on credit and debit cards replaced with smart chips. The huge project will see more than 850,000 retailer terminals, 122 million cards and 40,000 cash machines upgraded by 2005.
To help combat credit card fraud in the future, consumers will verify their purchases by keying in a four-digit PIN (Personal Identification Number) - rather than signing a receipt.