Changes coming to a card near you
Since the start of the year all new Visa cards issued in Australia have included smart chips to give greater security. Changes to debit and prepaid cards will follow in 2011. Issuers of Eftpos cards will also include the EMV-standard chip under a program announced last week and due to become the industry standard by 2014. All non-chip cards currently in use will be replaced so that by 2013 the use of signatures in transactions will be phased out.
Other projects include introduction of chip technology into ATMs. By 2012 card issuers must enrol all cards for Verified by Visa or its equivalents (such as MasterCard’s SecureCode), which provides a password for online shopping. These systems have been voluntary up to now and take-up has been low. By July next year all merchants taking online payments will have to use software that is PCI DSS validated.