The coles I shop at does not have the pay wave machines yet. This is the good old fashioned swipe machines.
I swiped and went to sign and was told that all transactions approved under $35.00 doesn't need a signature.
I suppose the chance of fraud is the same as using the pay pass/wave.
I agree that credit cards should ahve a pin attached. I have a card with a pin but the machines still allow you to go either way, which defeats the point really.