Credit cards go PIN only in 2014

40 per cent of credit card users sign for their transactions. These people will soon have to start using their personal identification number (PIN). Financial institutions will move to PIN-only credit card transactions in the second half of 2014 to boost credit card security.

The move is expected to save about $75 million in credit card fraud every year in Australia because retail staff had become increasingly lax about checking card signatures said managing director of RFI Consulting, Lance Blockley.

Source: The West Australian

Advertisement