Visa credit cards get 2013 chip and pin deadline
All Visa credit card customers who currently sign on the dotted line when making a purchase will instead have to use a four-digit personal identification number (pin) by 2013.
This is according to the lender, which said a full conversion to the numerical authentication method was necessary in order to keep forgery and theft at bay.
The news may help those looking to compare credit cards and obtain a competitive rate prior to Christmas.
Replacing the magnetic strip currently on the back of credit cards with an encrypted chip will help to minimise the ease with which criminals can steal sensitive information, according to the company.
"While card fraud in Australia remains low by world standards, overseas criminals are becoming increasingly active in seeking out new arenas," said Chris Clark of Visa.
He added that the technology will also enable faster transactions and the potential for contactless payments.
About 37 per cent of Australian-issued cards come with these chips, Visa stated.
However, cardholders will also have to own a Verified by Visa password under the new rules.
This is a security measure required for various online transactions.
This article is brought to you by Mozo – Helping you compare credit cards