Swap from pen to PIN begins today

Starting today, all cardholders will need to punch in their PIN codes when they pull out the plastic.

Signatures are being scrapped in a bid to boost security and stamp out fraud.

The industry-wide move to phase-out the signature as a form of verification on Australian credit and debit cards will take place over a short transition period, with more than 800,000 payment terminals across the country undergoing a software update.

The move is expected to affect more than seven million Australians.

Despite months of warning, many consumers may still be unprepared for the switch today.

Tap and go purchases under $100 and online credit card transactions will not be affected.

Banks will reportedly issue signature-enabled cards for those with special circumstances who cannot use a PIN.

Cardholders that don’t have a PIN, or can’t remember it, should contact their financial institution.