EFTPOS Payments Australia Limited (EFTPOS) says choosing “cheque” or “savings” when making purchases is the safest and most secure point of sale payment option.
Bruce Mansfield, CEO of EFTPOS, said: “There has been some media attention about skimming on EFTPOS terminals. 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.”
Fraud data released by the Australian Payments Clearing Association for the 12 months to 31 December 2009 shows fraud on EFTPOS debit cards is nearly 10 times lower than on other credit, debit and charge cards.
Australians make more than 4.5 million EFTPOS transactions each day. Mansfield said: “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 Mansfield. He continued, however, that consumers who fall victim to card fraud would be refunded in full by their financial institution.
EFTPOS plans to introduce secure smart chip technology to increase security at the point of sale in 2011. Smart chip technology has been shown to significantly reduce skimming and other types of fraud internationally.