Credit cards play catch-up

PIN numbers will start to replace the use of signatures to authorise credit card transactions at the point of sale for Australian consumers. Credit card providers and banks have reached agreement to introduce the system from June, even though it has been available overseas, particularly in the UK and Europe, for years. The move is the first step towards adopting a full chip-and-PIN system to help prevent credit card fraud. The use of PIN numbers will not be mandatory and customers will still be able to authorise transactions using their signature.

Source: The Australian Financial Review