"We wouldn't have done this in Australia if it hadn't worked there," he said at the time.
According to a UK report called Fraud the Facts 2013, fraud losses on UK issued cards went up to 532.5 million pounds in 2007. In 2008, fraud losses reached 609.9 million pounds before dropping in 2009 to 440 million pounds.
In 2010, fraud losses on UK issued cards went down to 365.4 million pounds. It dropped again in 2011 to 341 million pounds before rising again in 2012 to 388 million pounds.
An ME Bank spokesperson told Computerworld Australia that its focus has been on card users rather than merchants because it does not play in the merchant space.
"We have been running a [PIN] education campaign for a few months now, communicating with card users through social media, website and statements as examples."
Computerworld Australia has contacted National Australia Bank (NAB), ANZ Banking Group and Westpac for comment.