Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Visa to Replace Signatures With PIN

Visa to Replace Signatures With PIN in New Zealand to Strengthen Payment Security


Visa cardholders encouraged to start using PIN now, ahead of change

AUCKLAND, May 20, 2014 – 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 who still sign can expect to receive communication from their financial institutions over the course of the year.

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.

Tips for Visa cardholders

• Confirm you know your credit and debit card PINs.

• If you don’t, visit your financial institution’s website or the relevant branch to get more information.

• Where you sign today, you should start using PIN instead.

• Remember there is no change to Visa payWave contactless transactions for purchases under $80. You can also use contactless for transactions over $80 with a PIN.

• Visit http://www.visa.co.nz/personal/security/PINatPointofsale.shtml for more information.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news