August 1 changes: you’ll need a PIN
It wasn’t that long ago when you used your signature on a daily basis.
From bank cheques, letters, traveller cheques and credit cards, only when you signed the dotted line your approval was granted.
Times are changing. From 1st August, you’ll need a PIN for most credit card and debit card transactions in Australia. The signature as a form of verification will be gradually be phased out.
Safety is the main reason behind the change as using a PIN is far more secure and will make it harder for fraudsters.
So what does it mean for you? If you are currently still signing for purchases with a credit card we suggest you contact your bank or card issuer for more information about how to get a PIN.
Most banks have information online about the 1 August changes, including Westpac, Commonwealth bank, and NAB.
While the process will take a couple of months to change over, from the 18th October card transactions will be declined by the cardholder’s issuing bank when a PIN is not used for authorisation.
