![]() Julie Conroy, research director for retail banking at Aite Group, says in the early 2000s the U.K had a fraud rate nearly four times as high as the U.S. Instead, transactions were batch-processed after the fact. ![]() and Europe to verify each transaction via “callout”: a credit-card terminal dialing up or using an Internet connection to validate that the card wasn’t canceled and wasn’t marked lost or stolen. The code requirement in chip-and-PIN transactions existed originally because it was too expensive in the U.K.
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