Pressing cheque or savings at the point of sale is the safest and most secure point of sale payment option for Australian consumers, according to the Australian Payments Clearing Association.
Fraud data released for the 12 months ended 31 December 2009 demonstrated that fraud on EFTPOS debit cards is nearly 10 times lower than on other credit, debit and charge cards.
“Australians are far less likely to be a victim of card fraud if they press cheque or savings at the point of sale and enter their PIN,” said Bruce Mansfield, CEO of EFTPOS Payments Australia (EFTPOS).
“Consumers should of course be vigilant in safeguarding their PIN and contact their financial institution if they notice anything suspicious.
“There has been some media attention about skimming on EFTPOS terminals and it is important that consumers know that we are working with retailers, banks and with state police forces to stamp out skimming.
“The skimming incidence is still relatively low, with debit card fraud over the past 12 months at 2.5 transactions in every 100,000, accounting for 9.4 cents in every $1000 transacted,” he said.
Consumers should also be aware that in the unlikely event that they are a victim of any card fraud their financial institution will refund their losses in full.
“We are taking a range of initiatives to ensure EFTPOS debit cards remain the safest and most popular option for consumers.
“Security is EFTPOS’ highest priority. During 2011 we are introducing secure smart chip technology to ensure that we continue to be the safest and most secure way for Australians to pay for goods and services at the point of sale. Internationally this technology has been shown to significantly reduce skimming and other types of fraud,” said Mansfield.