Visa has announced plans to switch all New
Zealand Visa cards over to chip and PIN technology over the next
four years in a bid to reduce card fraud.
Sean Preston, Visa’s Country Manager for New
Zealand said: “From April 2010, all new Visa credit cards issued in
New Zealand will feature secure embedded smart chips to give New
Zealanders a higher level of confidence in the security of their
transactions. This will be followed by the upgrade of Visa debit
and reloadable prepaid cards from April 2012.”
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Signatures at the checkout will no longer be
valid from 2012, however signatures would still be accepted on
overseas-issued magnetic stripe or chip cards without PINs.
The switch is part of a security agenda that
also includes initiatives to enhance the security of online
transactions. Cardholders will be enabled to use a Verified by Visa
password when shopping over the internet. Online retailers will be
required to capture the three-digit cardholder verification number
when processing transactions, while small and medium sized
businesses will be required to enhance their levels of data
security.
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By GlobalData
