Posted by Chuck on December 11, 2017
Credit Cards

Published on December 11th, 2017 | by Chuck

17

Amex to Stop Requiring Signature during Store Checkout, Joins Mastercard and Discover

American Express announced today that they’ll be eliminating the requirement for merchants to collect signatures at store checkout beginning April 2018. Mastercard and Discover made similar announcements, all with the same April 2018 timeline for implementation.

The card networks are quick to point out that they have the security framework in place to ensure all transactions are valid without the signature requirement.

Our fraud capabilities have advanced so that signatures are no longer necessary to fight fraud. In addition, the majority of American Express transactions today already do not require a signature at the point of sale as a result of previous policy changes we made to help our merchants.

The need for signatures has declined around the world due to a number of advancements in the payments industry. These include the growth of contactless payment options, including card-based and mobile tap-and-pay methods, the global adoption of EMV chip technology, and the continued expansion of online commerce. American Express has also deployed advanced machine learning algorithms that allow for more precise detection of fraud while minimizing disruption of Card Members’ genuine spending.

Interestedly, Amex says they the first to announce the change globally since the other networks limited the change to USA and select other areas (though in many other countries signatures are already uncommon). Amex also notes that the new rule will apply to purchase transactions of all amounts.

Once Mastercard and Discover announced their decision, it was only a matter of time until Amex and Visa would join. We’ll see when Visa jumps on the ship. A larger question is whether individual retailers will take steps to eliminate the signature requirement from the checkout process. If Visa joins, it’s safe to assume it’ll happen fast since it saves them cashier time and impatient customers.

 



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Zach
Zach

requiring*

joE
joE

So none, mastercard, discover, amex, have dollar limits? $5 same and $500, no sig required?

Ender
Ender

Signature is never used to detect fraud. You first got approved and then asked for signature for a transaction. It is only a relic of the old ages.

Culinarykid92
Culinarykid92

Because I care… Requiring doesn’t have an e (you have it in the title). And impatient customers, not inpatient. Glad you got the info out though. Keep up the good work.

joE
joE

Because I care…

“Olny srmat poelpe can raed tihs.

I cdnuolt blveiee taht I cluod aulaclty uesdnatnrd waht I was rdanieg The phaonmneal pweor of the hmuan mnid, aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn’t mttaer in waht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteer be in the rgh it pclae. The rset can be a taotl mses and you can sitll raed it wouthit a porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe.

Amzanig huh?”

David
David

More like only native readers.

Lingua
Lingua

BEST COMMENTS PLEASE!!!!

And you have to include context:)

Darvin Ray
Darvin Ray

why cant they move to chip and pin like the rest of the world.

Mike
Mike

Because they’re afraid the average US consumer will use their credit cards less if they’re “inconvenienced” with remember more pins to use them, since remembering debit pins are hard enough as is /s

Lrdx
Lrdx

Fair enough, it would be hard to remember the PINs for all the ~10 cards I keep in my wallet. Only if I could change them to be the same.. /s

Dan
Dan

Try 40 cards…

I would rather Chase pay or whatever

Lrdx
Lrdx

FYI /s means “end of sarcasm”.

But in all seriousness, I don’t see a point in keeping all 40 cards in one’s wallet. 10 should cover all bonus categories and spending for signup bonuses at any given time.

Mark D
Mark D

I’m curious if anyone knows, what is Amex’s position on someone using a card with a family member’s name on it (same last name) ? If they no longer care about signatures, they should have no objections, I would think.

Dan
Dan

They never had any objections. You can verbally authorize anyone to use your card.

J. Grant
J. Grant

Wait what? I need more info on this plz.

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