CANBERRA, Australia - A report from the economics committee of the Australian parliament has recommended that the nation adopt card technology which would replace the use of signatures with the combination of personal identification numbers and computer chips.
The so-called "chip and pin" technologies would greatly reduce Australian consumers' vulnerability to card fraud, the committee found. In this country Jeff Post, CEO CUNA Mutual Group, has also advocated the major card brands at least seriously consider moving to a similar technology as an anti-fraud measure.
"The committee considers that a move to PIN-based authorization would be highly desirable in terms of fraud prevention. In addition, PIN-based authorization would ensure that Australians' credit cards remain functional in overseas markets where PIN-based authorization has been adopted," the report said.
The committee found Australia has fallen behind in implementing safety measures to protect against payment card fraud.