Published on October 20th, 2017 | by William Charles37
Mastercard To No Longer Require Signatures From April 2018 Onwards
Mastercard has announced that after April 2018 they will no longer require signatures at checkout for any credit or debit purchase in the U.S. and Canada. They claim that currently over 80% of in store transactions in North America already do not require a signature at check out. Mastercard is the first credit card payment network to announce a plan to phase out the signature requirement. I classify the signature requirement as security theater, it makes people feel safe but does little to actually prevent fraud. You don’t have to believe me:
“Signature is worthless as a form of authentication,” – Walmart senior VP and assistant treasurer Mike Cook
Even if I sign as complete scribble it’s rare for the purchase to be declined. The next logical step would be to require a PIN be used, as this has been proven to reduce fraud rates along with the EMV chip requirement.