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No need to sign your life away, just punch in your pin

Signatures will abolished on credit and debit card purchases.
Signatures will abolished on credit and debit card purchases.

SIGNING away permission to spend your pennies will soon be a thing of the past.

PINs will become compulsory from August 1 for debit and credit purchases over $100.

Bank of Queensland (BOQ) West Mackay owner-manager Mike Meynell said the new system would increase customer security.

"VISA, Mastercard and American Express cardholders will be expected to use a PIN for all face-to-face purchases when they don't use a tap and go transaction, for example PayWave or PayPass, where no PIN is required," Mr Meynell said.

"A hundred dollars is important as any purchase over this amount will require a PIN, whether a tap and go transaction is made or not.

"By mandating PINs for card-present transactions, the amount of card fraud will decrease, as there is only a one in 10,000 chance a PIN could be guessed while a signature could be forged."

All card issuers would be undertaking a full customer awareness campaign which would include statement inserts and updates to their internet or mobile banking application and website, he said..

Do you think abolishing signatures on credit cards is a step forward?

This poll ended on 24 January 2014.

Current Results

Yes

73%

No

26%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Topics:  banks credit card money pin technology



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