Visa cracks down on credit card fraud
Visa has announced it will move to chip and PIN technology for all Australian Visa cards over the next four years, with signatures no longer accepted at the checkout from 2013, as part of a wide-ranging agenda to cut credit card fraud.
Visa’s general manager for Australia and New Zealand, Chris Clark, said the move to chip and PIN was part of a seven-point security agenda to crack down on credit card fraud and ensure the security of Visa cardholders.
“From January 2010, all new Visa credit cards issued in Australia will feature secure embedded smart chips to give Australians a higher level of confidence in the security of their transactions,” Clark said. “This will be followed by the upgrade of Visa debit and reloadable prepaid cards from January 2011,” he added.
According to Clark, credit card fraud is becoming more prevalent, and the time is right to take advantage of new technologies.
“While credit card fraud in Australia remains low by world standards, overseas criminals are becoming increasingly active in seek out new arenas,” he said. “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.”
For more information about the changes, please visit the Visa website.
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