Home Business IT Security Credit, debit card security ‘better’ with signature to PIN changes

Credit, debit card security ‘better’ with signature to PIN changes

Merchant EFTPOS payments provider Tyro says the move this year to mandatory PIN codes instead of signatures on credit and debit card purchases will better protect consumers and help stamp out card theft and skimming.

Signatures are to be officially abolished on credit and debit card purchases of more than $100 from 1 August and replaced with PIN codes.

According to Tyro CEO Jost Stollmann consumers will be better protected by needing to enter their PIN for credit and debit card transactions to be approved.

Australians made around five billion card payments during the financial year 2012/2013, with a total value of $434 billion, according to the Reserve Bank’s Payment Systems Board data.

Stollmann said the use of debit cards continues to grow strongly in Australia with 14.4% year over year and using chip card technology and PIN entry “is an effective method to stamp out card theft and skimming in face-to-face transactions.”

“With Australians spending more than $400 billion a year on credit and debit card transactions, it’s vital that fraud and criminal activity is minimised as much as possible to protect customers, retailers and banks alike.”

According to Stollmann, Australia is moving closer and closer to a cashless society and PIN codes “will protect against fraud in a way that signatures cannot.”

Stollmann said the change is expected to impact Australia’s 14,000 cafes and restaurants, their staff and customers the most, with customers having to leave their seats to pay for bills at the cashier using their four digit PIN code.

“We knew that customers would be impacted by this change and have worked tirelessly on a solution that would ensure that they wouldn’t be unnecessarily inconvenienced. With our Australian first mobile integrated EFTPOS solution we have long been ready for the move to abolish signatures.”

Stollmann said that in 2012 Tyro worked closely with key software providers to develop Australia’s “first and only, all IP based, integrated ‘pay at table’ solution.” “The solution establishes a conversation between the restaurant management software and the payment terminal and allows the consumers to use the device at their table at their own pace to split the bill, pay and tip using their four digit PIN.”

“The PIN requirement puts the customer back in control. It’s virtually impossible for a fraudster to ascertain a PIN, while forging a signature is easy. Our wireless integrated pay at table EFTPOS system is a perfect complement to eliminating credit card signatures.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).