PINs replace credit and debit card signatures across Australia, from Friday 1 August 2014
In an initiative dubbed PINwise, credit and debit card signatures will be replaced by PINs at the point of sale in Australia from Friday.
The industry-wide move, which applies to all financial institutions across Australia, will see a short transitional period starting with Australia’s largest merchant terminals receiving a software update removing the option for credit and debit card signature payment authorisations.
All cardholders will have to use a PIN or the contactless payment method for amounts under $100 - Visa payWave, MasterCard PayPass and AMEX Contactless - apart from those with plastic issued from overseas banks.
Heritage Bank CEO John Minz advised the changes are about adding in an extra layer of security, particularly when cards are lost or stolen. “It means that a fraudster or thief needs to get hold of both the card and the PIN to be able to misuse it, which is much more difficult.”
“Terminals will require a PIN to be entered to complete a transaction, so if you don’t have one on your card, you simply will not be able to complete the transaction."
If the changes will affect you, give your bank a buzz for more info on how to get your PIN or if you're looking for some new plastic search Mozo's credit card section here.
Here are 3 ways to organise a PIN on your card:
- Visit a branch
- Organise a PIN to be send out via mail
- Go online to the financial provider’s website