Retailers welcome official switch from signature to PIN

 

PEAK retail industry body the Australian Retailers Association is confident the official change from signature to PIN for all scheme debit and credit card purchases will allow retailers to get on with the important job of doing business.

ARA Executive Director Russell Zimmerman said retailers will begin to see less fraud following the change to PIN-only purchases being made official today.

“Retailers are relieved to know that PIN is now officially the main form of card payment authorisation in Australia.

“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.

“The real change for expanding PIN usage will be a behavioural one. Habits at point of sale will require some adjustment and consideration; however, it is a move that will help safeguard against fraud, making cards even safer to use.

“Consumers have been warned they risk being stranded at the checkout today if they have failed to memorise their credit and debit card PIN numbers or have not yet organised a PIN altogether. These consumers should contact their bank or card issuer immediately.

“Today’s official change-over marks the start of a three-month process to update 800,000 merchant payment terminals nationwide, rendering the signature obsolete.

“The ARA will be monitoring the success of this initiative very closely and we encourage all cardholders to embrace this change and enjoy the benefits of Australia’s highly secure card payment system,” 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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