If you have a credit or debit card that you sign for instead of using a PIN you might be in trouble if you use it from Friday, 1 August 2014.
That’s the day that all merchant transaction terminals in Australia switch to PIN only.
The Sydney Morning Herald has a great article that you can read here about it.
PINwise – an initiative set up to educate consumers and businesses about PIN only transactions, says “the initiative … is a national bid to make Australia’s payment system even safer.”
“Starting with some of the nation’s largest merchants, the move will see all of Australia’s 800,000 merchant payment terminals undergo a software update to no longer accept signature as the main form of card authorisation for Australian cardholders.”
Remember not to choose a PIN that is easy for anyone to guess.
If you have problems or concerns the first call should be to your bank.
30 July 2014