AUSTRALIANS could strike trouble at the checkout next month if they don’t have a PIN for their credit and debit cards.
In an industry-wide move, signatures for credit and debit card purchases are being phased-out as banks take steps to reduce fraud.
Figures show around 80% of Aussies regularly use a PIN, however more than one million still use a signature as verification.
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Consumers will no longer be able to use a signature to authorise a transaction after August 1, 2014 – instead, they’ll need a PIN.
Cardholders who have not already organised a PIN are urged to contact their financial institution and do so before next Friday.
The change applies to all financial institutions across the country, excluding “tap and go” purchases.