THE days of signing to pay with a credit card will end on August 1.
To avoid being stuck in the Coles queue with a trolley full of groceries that you cannot pay for, Kim Wight, of Smartline Personal Mortgage Advisers at Oatley, suggests consumers check to make sure they know the PIN for their credit cards before signature-based verification disappears.
"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," Ms Wight said.
"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 as soon as possible in anticipation of the August 1 deadline.
"While 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 per cent over the past two years."
Several countries have moved to the PIN-only system and Australia was now falling into line with international standard, she said.
Are you happy not to have to sign for purchases anymore?
