Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

Visa to replace signatures with PIN in New Zealand
Posted on 22-May-2014 09:43. | Tags Filed under: News.



Visa cardholders in New Zealand will be required to use PIN instead of signature from later this year in a move that aims to strengthen payment security in New Zealand.

Already more than 96 per cent of Visa transactions use PIN over signature in New Zealand and Visa will be encouraging all cardholders with New Zealand issued cards to PIN instead of sign. There will be no change to Visa payWave, phone and internet transactions.

Caroline Ada, Visa Country Manager for New Zealand and South Pacific, says this is part of a Seven Point Security Plan announced by Visa in 2009 and Visa is taking the lead to strengthen payment security.

“Where Visa cardholders currently sign to authorise their purchases today, we are encouraging them to start using PIN instead. This is about taking better advantage of the chip technology on Visa cards which is the international standard that provides the most security for electronic payments today. It is through the chip that PIN and contactless transactions are made at the point-of-sale,” said Ada.

Visa transactions are protected by multiple layers of security that help keep Visa’s global fraud rates near historic lows.

“The move to PIN is another step led by Visa to enhance the payment security of our cardholders,” she said.

There are some exceptions to the move to PIN:
· This change applies to Visa cardholders with New Zealand-issued cards only. There will be no change for visitors to New Zealand using overseas-issued Visa cards.
· New Zealand Visa cardholders travelling to countries where PIN is not used will still be able to sign to authorise transactions.

Visa cardholders in New Zealand will still be able to sign at restaurants and cafes until October 2015. “Anyone unable to use a PIN should contact their financial institution to discuss their options because in certain circumstances they may be able to continue to sign for purchases,” said Ada.


comments powered by Disqus


Trending now »

Hot discussions in our forums right now:

Netflix officialy launching in NZ in March
Created by jarj, last reply by tdgeek on 21-Nov-2014 19:08 (97 replies)
Pages... 5 6 7


Which one is right for me? M8, Z3, S5 or other?
Created by makiomoto, last reply by makiomoto on 20-Nov-2014 13:52 (40 replies)
Pages... 2 3


What to do on the internet?
Created by TimA, last reply by hio77 on 20-Nov-2014 13:15 (34 replies)
Pages... 2 3


Gull Employment Dispute.
Created by networkn, last reply by networkn on 22-Nov-2014 00:02 (33 replies)
Pages... 2 3


Lollipop Problems
Created by ronw, last reply by ronw on 21-Nov-2014 21:26 (16 replies)
Pages... 2


Apple wall charges (USB slotted) keep disconnecting i-devices non-stop
Created by Mar1, last reply by Aredwood on 21-Nov-2014 14:59 (14 replies)

Slingshot line speed
Created by Frankiej45, last reply by Frankiej45 on 20-Nov-2014 14:38 (14 replies)

Chief Censor - He's at it again!
Created by scuwp, last reply by Nebbie on 19-Nov-2014 16:23 (42 replies)
Pages... 2 3