ARA: Get ready for tomorrow - no PIN, no pay

 

PEAK retail industry body the Australian Retailers Association together with the Industry Security Initiative is encouraging cardholders to be prepared for ‘no PIN, no pay’ tomorrow - when PIN officially becomes the main form of card payment authorisation in Australia.

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, 1 August 2014.

“Cardholders need to memorise their credit and debit card PIN numbers before they head out for lunch or try to purchase any goods this weekend. The ARA is urging all cardholders without a PIN to contact their bank or card issuer immediately.

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

 “The move to PIN is an important step to maintain a high level of integrity and security within Australia's card payment system.

“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.

“This industry-wide change 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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