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January 6, 2014

Australia to switch from signatures to PIN-only transactions: Reports

Banks in Australia are, reportedly, set to replace the process of signing on the receipt at point of sale (PoS) with PIN-only transactions.

By Verdict Staff

Banks in Australia are, reportedly, set to replace the process of signing on the receipt at point of sale (PoS) with PIN-only transactions.

The move by the country’s competition regulator Australian Competition and Consumer Commission (ACCC) is to increase security for transactions made through credit cards at the PoS.

Australia will follow Britain, which moved to the PIN-only system in 2006 that resulted in fall of credit card frauds, claimed MasterCard, Visa and American Express.

The system is expected to save around $75m in credit card fraud every year in Australia.

Australian Retailers Association spokesman, Russell Zimmerman, was quoted by The West Australian as saying that it would significantly boost credit card security.

"I know someone who worked in the accounts department of a major company, and for several years he signed for his credit card transactions as Mickey Mouse," Zimmerman added.

"He made the point very clearly that many people don’t bother checking signatures closely."

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