Time’s running out to swap pen for PIN

Don’t be left stranded – organise a PIN for your credit or debit card before Friday, 1 August, or you could strike trouble at the checkout, Heritage Bank CEO Mr John Minz warned today.

In an industry-wide move, holders of credit and debit cards from financial institutions across Australia will no longer be able to use a signature to authorise a transaction after 1 August.

Instead, cardholders will have to use a PIN to complete the transaction.

Mr Minz said cardholders who had not yet organised a PIN should contact their financial institution immediately to do so.

“The change is all about adding in an extra layer of security, particularly when cards are lost or stolen,” Mr Minz said.

“It means that a fraudster or thief needs to get hold of both the card and the PIN to be able to misuse it, which is much more difficult.

“That should give people greater peace of mind."

Mr Minz said the change applied to cardholders of all institutions across the country, not just Heritage.

He warned that people who did not organise a PIN for their card before 1 August might strike trouble when trying to complete a transaction.

“Terminals will require a PIN to be entered to complete a transaction, so if you don’t have one on your card, you simple will not be able to complete the transaction.

“Don’t be caught out by the change – contact your bank now to put a PIN on your card.”

The PIN requirement does not apply to “tap and go” purchases up to $100 using contactless terminals.

Mr Minz said there were a number of ways that Heritage Bank customers could organise a PIN on their card:

- Visiting a branch to do it in person

- Organising for a PIN to be send out via mail

- Going online to Heritage’s internet banking site and doing it there.

For more information: Andrew Fox, Heritage Manager Corporate Communications, 0419 714 204

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.