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