You can enjoy peace of mind knowing your money is safe when you press CHQ or SAV to pay using eftpos. Why is eftpos so safe?
- We have offered PIN-based security since eftpos was first launched in the mid-1980s, and still have the lowest fraud rates in Australia today.
- All eftpos terminals must comply with rigorous security standards to ensure they protect your PIN.
- Some eftpos Members are now rolling out eftpos-only cards with eftpos Tap & Pay™ functionality for transactions under $100. These cards provide extra simplicity and speed at the checkout, and greater security against skimming with an EMV Chip. You can recognise these cards if they have a Chip and an eftpos logo on the front.
- Unlike some credit cards and other debit card systems, eftpos transactions are in real time, so you can check your account within minutes and be sure that the transaction is accurately reflected in your account balance.
- If you see unauthorised transactions on your bank statement, contact your bank as you may be entitled to a chargeback (return of the amount of the transaction).
Protecting you against unauthorised transactions
You still need to safeguard both your PIN and your card from the risk of loss, theft or unauthorised use.
If you notice any unusual transactions on your account or believe your PIN has been compromised, or if your card is lost or stolen, notify your bank immediately.
eftpos Cardholders may also be protected from unauthorised transactions under the ePayments Code – check your bank terms for details. The financial institution that issued your eftpos card must compensate you for any unauthorised transactions so long as you:
- Safeguard your PIN and don’t disclose it to anyone else or keep a record of it,
- Report the loss or theft of your card or unauthorised transactions as soon as you become aware of them, and
- Don’t contribute to your loss.
More information on the ePayments Code and its protections can be found at www.asic.gov.au.