PIN free cards criticised by pensioner group

By Mozo ·

The move by banks to introduce credit cards that do not require signatures or PINs has been slammed by National Seniors Australia (NSA).

Michael O'Neill, chief executive officer of the NSA, suggested that the introduction of the technology leaves vulnerable older members of society open to being defrauded, reports the Australian Associated Press.

He said there was the potential for this demographic to suffer "emotional and mental stress and strain" if they are victims of fraudsters.

"We have grave concerns about it being misused in that way and there's been no consultation with us at all," he asserted.

With the contactless credit card payment system, users simply swipe their plastic to pay for items valued at up $100.

Commonwealth Bank cards general manager David Linberg recently told the same news provider that it will take a year before contactless payment methods become something the public are comfortable with, despite adding that it is safer than swiping and signing for purchases.

Have a question about credit cards? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800603500-ADNFCR