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:

What time does windows 10 go live?
Created by gogokr431, last reply by nathan on 3-Aug-2015 22:33 (551 replies)
Pages... 35 36 37


Just installed Windows 10 on release and have questions... Post here
Created by Behodar, last reply by freitasm on 4-Aug-2015 10:42 (182 replies)
Pages... 11 12 13


Overseas Purchasing - GST Threshold about to be reduced
Created by SepticSceptic, last reply by Geektastic on 4-Aug-2015 11:00 (91 replies)
Pages... 5 6 7


Time to update yet?
Created by Dreal, last reply by Dreal on 1-Aug-2015 23:54 (21 replies)
Pages... 2


New site and UFB plans
Created by cws82us, last reply by Dragoonnz on 3-Aug-2015 18:46 (140 replies)
Pages... 8 9 10


How likely is it to have a faulty house electrical meter?
Created by kiwikiwi, last reply by Spyware on 4-Aug-2015 09:32 (59 replies)
Pages... 2 3 4


Copper Landline Providers
Created by networkn, last reply by DonGould on 4-Aug-2015 11:24 (37 replies)
Pages... 2 3


Do I need to have 7 installed to get 10 ?
Created by xpd, last reply by roobarb on 2-Aug-2015 12:59 (118 replies)
Pages... 6 7 8