RBA to tighten security around debit cards

Australia is increasingly moving towards being a cashless society, with a growing number of people using credit or debit cards in order to pay for goods and services.

Indeed, a recent study by retail giant Coles showed that three-quarters of Aussies use their plastic to pay the majority of their bills and this trend is set to increase further over the next few years.

While debit cards are undoubtedly safer to carry around than cash, there have been a few incidents of security breaches in recent months and the Reserve Bank of Australia (RBA) is keen to eradicate such occurrences.

The bank revealed this week (February 20th) that in order to cut down on data lapses, it is formalising its requirements for the reporting of major retail payments system incidents.

As a result, retailers who accept debit and credit payments will be obliged to tell the RBA when something untoward has happened, so that the institution can take appropriate action to ensure the same does not happen again.

Have a question about debit cards? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801300431-ADNFCR