We thought you might appreciate a warning given there has not been a lot of publicity around this change.
The days of signing your name to pay for something on your credit card are coming to an end. Signature based verification is being phased out in Australia on the 1st of August this year.
If you want to avoid being stuck in the Coles queue with a trolley full of groceries that you can’t pay for, we suggest you make sure a PIN is assigned to your card.
Whilst using a PIN is faster and more convenient, the main driver behind this initiative is better credit card security, with the rate of signature based card fraud in Australia having risen by 50% over the last 2 years.
Several countries have already moved to the PIN only system, so this also makes it easier to use your cards when travelling.
The process varies from bank to bank, but can take up to 10 days, so if you need to have a PIN reissued make sure you contact your bank asap in anticipation of the August 1 deadline.
Michael Daniels, B.Com
Smartline Personal Mortgage Advisers
State Manager NSW & ACT
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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.