Australia is planning to end the process of signing a slip to complete a credit/debit card transaction at point-of-sale (POS), and completely depend on PIN numbers from 1 August 2014, in order to bring down card related frauds.
The move, however, will not affect online purchases and overseas card transactions.
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PINwise spokeswoman, Nicole Pedersen-McKinnon, said all Australian cardholders will need to know their credit and debit card PINs by August 2014.
ARA executive director, Russell Zimmerman, said the industry-wide move to expand PIN at point-of-sale (POS) and phase-out signature as a form of verification on Australian credit and debit cards will take place over a short transition period from 1 August, as POS terminals migrate to new software.
"The phasing out of signature verification will help protect consumers and retailers alike from fraudsters. The move to PIN is about strengthening payment security across Australia and it takes advantage of the ‘chip’ technology on Australian payment cards.
"The ARA encourages the retail industry to embrace this change as reducing fraud saves both time and money, allowing retailers to get on with the job of doing business," Zimmerman added.
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