Visa Australia has announced it will eliminate signature-based purchases by 2013, instead opting for chip and PIN technology.
“These initiatives are part of a comprehensive security upgrade aimed at providing cardholders with a higher level of confidence and significantly reducing all types of card fraud including counterfeit, skimming and online fraud,” Visa’s general manager for Australia and New Zealand, Chris Clark said in a statement.
The decision is based on an attempt to reduce card fraud, as all new cards from January 2010 will feature smartcard chips. Currently only 37% of cards are chip-enabled, while 100% will be chip-enabled by 2013.
“While card fraud in Australia remains low by world standards, overseas criminals are becoming increasingly active in seeking out new arenas. The time is right to take advantage of the new technologies available to work across the industry, with banks and merchants, to strengthen security across the board,” Clark said.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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