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Less than 100 days before PIN becomes the primary method of card verification in Australia
Peak retail industry body the Australian Retailers Association together with the Industry Security Initiative is encouraging cardholders to prepare for 1 August 2014 – when PIN will become the main form of card payment authorisation in Australia.
ARA Executive Director Russell Zimmerman said the industry-wide move to expand PIN at point-of-sale (POS) and phase-out signature as a form of verification on Australian credit and debit cards is welcome move by Australian retailers.
“The phasing out of signature verification will take place over a short transition period from 1 August, as POS terminals migrate to new software.
“The move to PIN is about strengthening payment security across Australia and takes advantage of the ‘chip’ technology on Australian payment cards. This initiative will help protect consumers and retailers alike from fraudsters.
“Starting with some of the nation’s largest merchants, the move will gradually see all of Australia’s 800,000 merchant payment terminals undergo a software update to require PIN at the point of sale. For most, these costs will be covered by the terminal’s provider.
“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.
“While the financial institutions will be communicating the change to their customers, those businesses that may require new technology should proactively speak to their terminal provider about upgrading their equipment to ensure that they’re ready for increased PIN use by August.
“It is also important to note there will be no change to contactless or online transactions and for visitors from overseas, signature will still be a valid form of verification.
“The ARA is impressed with the Industry Security Initiative’s new folder of artwork that is now available to all merchants – all they have to do is go online, print the necessary documents and use within their own stores. This collateral aims to inform customers of the need to get ready for the switch to PIN, and to take action before August 1.
“The ARA encourages the retail industry to embrace this change as reducing fraud saves both time and money, allowing retailers to get on with the 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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