As Australian consumers prepare for the phase out of signatures for verification on debit and credit card purchases, financial institutions are looking to how they can support the change.
From August 1, all consumers must use a PIN for over the counter transactions, leaving many Australians concerned about what to do if they don’t know their PIN.
In a progressive and market-leading move, credit union QPCU has offered its members the ability to reset their PIN online through internet banking.
QPCU chief executive officer Grant Devine explained that the technology has not been made widely available to Australian banking customers.
“We are proud to be among the first to offer this technology to our members,” Mr Devine said.
“From what we can see, this is something only offered by QPCU and one other bank.
“The ability to reset and choose your own PIN online ensures convenient and secure access to your account through ATMs and when making purchases.
“Even if you don’t know your PIN, you can reset it online.
“The system is safe, secure and backed by security specialists.
“This technology is a game changer. It’s a huge coup for QPCU and the credit union sector, as it shows we’re progressive and meeting the evolving needs of our members,” he said.
When choosing a PIN, it’s important to avoid numbers that can be easily guessed (e.g. your birthday or name).
For five decades, QPCU has been providing community dedicated banking to Queensland police, fire, ambulance and emergency service personnel and their families.