Chip and PIN cards

[JohnK]

Security has disappeared. If someone steals your credit card they can have a field day.

I used the Amex twice last week for $1.99 and $30 purchases and the transaction is automatically approved.

Is that a setting I need to turn off or a store setting?

 

[Homer]

Security has disappeared. If someone steals your credit card they can have a field day.

I used the Amex twice last week for $1.99 and $30 purchases and the transaction is automatically approved.

Is that a setting I need to turn off or a store setting?

That's an AMEX setting - their floor limit for the merchants in question doesn't require authorisation for transactions at those prices. If somebody steals your card, AMEX will reimburse you for the loss; they wear the risk in the interests of efficiency.

 

[TomVexille]

That's an AMEX setting - their floor limit for the merchants in question doesn't require authorisation for transactions at those prices. If somebody steals your card, AMEX will reimburse you for the loss; they wear the risk in the interests of efficiency.

That's good to know

 

[drron]

I filled up at Caltex this morning and my $60 purchase didn't need PIN or signature.

 

[amaroo]

Security has disappeared. If someone steals your credit card they can have a field day.

I used the Amex twice last week for $1.99 and $30 purchases and the transaction is automatically approved.

Is that a setting I need to turn off or a store setting?

I love this innovative move.

My old trusty AMEX Ult with no chip/pin expires in Nov......will be good to catch up with society.

 

[Buzzard]

My understanding is that after a certain number of "taps" or a certain amount spent that you will be prompted to enter a PIN.

 

[Plutonus]

I thought a transaction up to $100 could be processed without a PIN.

 

[ShaneN]

Security has disappeared. If someone steals your credit card they can have a field day.

I used the Amex twice last week for $1.99 and $30 purchases and the transaction is automatically approved.

Is that a setting I need to turn off or a store setting?

I understand that this is a store setting. For quite some time now retailers including Coles and Woolworths have not required PIN or signature for transactions of less than a certain amount - $35 I think for Coles and Woolworths. This applies regardless of whether the card has a chip.

$100 limit is a separate matter. It applies to chip enabled cards for RFID (i.e. Pay Wave or similar) transactions.

 

[JohnK]

That's an AMEX setting - their floor limit for the merchants in question doesn't require authorisation for transactions at those prices. If somebody steals your card, AMEX will reimburse you for the loss; they wear the risk in the interests of efficiency.

So why did we go with pin? More secure?

 

[Homer]

So why did we go with pin? More secure?

Retail shop assistants don't check credit card signatures so reimbursing credit card customers who have had their cards stolen and used by somebody who forged their signature was costing the card companies a few hundred million dollars in Australia each year. By forcing PIN-only transactions, the card industry will save this money.