Pen or P.I.N. Number
Soon you won’t have a choice.
The days of signing your name to pay your bill are coming to an end, with signature based verification being phased out in Australia on 1st August this year.
To avoid being stuck in the Coles queue with a trolley full of groceries that you can’t pay for, If you don’t know the PIN on your card you will need to contact your bank to confirm what the number is or have it reissued.
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.
If you have any questions in relation to this or any other financial matters please contact me.
Have a great day.
|Kapil Nepal, MIS, Diploma Fin. Services
Personal Mortgage Adviser
Smartline Personal Mortgage Advisers
22 Muru Drive, Glenmore Park NSW 2745
m 0403 057 614 | f 02 9475 4492 |
e firstname.lastname@example.org | w www.smartline.com.au/knepal