From April 1 next year all Visa ''card-present'' transactions will use a chip and personal identification number (PIN) at the checkout. Source: Supplied
SCRIBBLING your signature to pay for goods or square off your restaurant bill is set to become a thing of the past.
All plastic transactions on Visa cards will soon require a four-digit code, with customers no longer able to sign for purchases.
From April 1 next year all Visa ''card-present'' transactions will use a chip and personal identification number (PIN) at the checkout, boosting security for customers and reducing the risk of fraud.
Independent Eftpos company Tyro Payments' spokesman Garry Duursma said it's a significant change to the way customers pay for things.
''Everything is going to be done via a PIN number, so when it's a card-present transaction the computer that you enter the card into will force you to use a PIN,'' he said.
''From April 2013 Visa said it will remove the signature from card-present transactions.''
Mr Duursma said the migration to chip and PIN-only transactions would help boost customer security.
''It's clearly harder to fake a PIN than a signature,'' he said.
''By forcing a customer to use a PIN you should be reducing the amount of card-present fraud that occurs in the market.''
Latest statistics from the Australian Payments Clearing Association found in 2011 fraudulent card transactions reached a record $278 million.
Fraudulent transactions on signature-based credit, debit and charge cards and also card-not present transactions doubled in 2011 compared to 2009 and made up 92 per cent of all fraudulent transactions.
Mr Duursma said consumers would notice a significant change when dining out, with the use of credit cards requiring a signature a common way to pay for meals.
He said it was up to the financial institutions to reissue cards with chips in them so customers could use them once the changes start next year.
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