Australia's AU$90 million per annum credit card fraud bill is too small to force the rollout of chip and PIN card reading technology, says the chief executive of the Australian Payments Clearing Association.
Security researchers from Cambridge University have discovered a way to attack chip and PIN cards -- and warn only Martian cardholders are safe from the exploit.
Australian retailers are sluggishly adopting credit card security standards, according to Citrix chief security officer, Kurt Roemer, but competing standards and proposed amendments to the Privacy Act will cause even greater confusion for them.
Credit card users will be given the option of entering a PIN as an alternative to signing their name to authenticate a transaction under a banking industry initiative scheduled to start today.
Westpac Bank is set to improve its security credentials and tackle card swiping scams by issuing credit card holders with chip-embedded smartcards.
Does the improved credit card security offered by chip and PIN-embedded credit cards mean a future of greater personal liability?
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