UK building society, Nationwide, is introducing one million card readers for online debit card banking. Nationwide says the chip and pin-based system, which produces unique eight-digit passcodes for online transactions, will cut fraud. "It protects you from the potential distress and inconvenience of account takeover, identity theft and money taken from your accounts," said Nationwide on its website. "It prevents fraudsters from obtaining money, which is often used to fund criminal activity. Ultimately everyone pays for the activities of fraudsters." The card reader will be used for making a payment to a third party, setting up or changing a regular payment, viewing statement PDFs or changing memorable data. Customers will receive the card reader on a phased basis between March and June.
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