PIN set to become the primary method of card verification in Australia THIS FRIDAY

 

PEAK retail industry body the Australian Retailers Association together with the Industry Security Initiative is encouraging cardholders to make any last minute preparations before PIN officially becomes the main form of card payment authorisation in Australia as of this Friday, 1 August 2014.

ARA Executive Director Russell Zimmerman said consumers have been warned they risk being ‘stranded at the checkout’ when signatures for scheme debit and credit cards are replaced by PIN as of this Friday.

“Retailers have been busy preparing for August 1, when over the next three months, 800,000 merchant payment terminals nationwide will undergo a software update, rendering the signature obsolete.

“The ARA is urging all cardholders without a PIN to contact their issuer immediately. Not only is the move to PIN about strengthening payment security across Australia, this initiative will also help protect consumers and retailers alike from fraudsters. PIN is much more secure than signature - there is only a one in ten thousand chance of someone guessing your PIN.

“For retailers who are concerned about the old method of taking the credit card receipt to the customers, there are now mobile terminals that retailers can get from their bank which can be taken directly to the customer. For restaurants and cafes this means tips can be put into the terminal as either a percentage of the sale or as a fixed amount.

“We look forward to this industry-wide change that will save retailers both time and money, allowing them to get on with the important job of doing business,” Mr Zimmerman said.

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041

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