Aussie credit cards 'to lose signatures'

Aussie credit cards to benefit from increased security measures, Visa has announced.

Holders of Aussie credit cards">Aussie credit cards could see signing for payments become a thing of the past as Visa announces a complete move to chip and pin technology.

In a bid to increase security and reduce fraud on Australian credit cards, all Visa cards will be chip and pin enabled by 2013.

In 2006, the technology became compulsory for credit cards in the UK, which has seen a decrease in fraud losses of 35 per cent in the three years to 2008.

"The migration from signature to pin will allow us to take full advantage of the protection provided by chip card technology," explained Chris Clark, general manager for Visa in Australia and New Zealand on Inside Retailing.

He added that this was part of a programme to offer Aussie credit card holders increased confidence through tackling online fraud, counterfeit cards and skimming.

In March, the Age reported that credit card fraud had increased by 50 per cent in Australia in the previous 12 months. The Reserve Bank noted that these transactions had occurred online, by phone and by mail.

Posted by Emma North