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The Long, Slow Demise of Credit Card Signatures Starts Today (cnet.com)
Last year, all four major U.S. payment providers -- Mastercard, Visa, American Express and Discover -- announced plans to remove the requirement that merchants collect signatures for card transactions. Those plans officially go into effect today, or Saturday in the case of Visa. CNET reports: [D]on't despair if you actually like writing your signature at retail stores, because their ultimate demise will likely take a while. The change is only optional, with merchants, not customers, given the new power to decide whether to get rid of signatures. So, if asked to sign, please don't insist to your next cashier that you no longer need to -- it won't work. Also, plenty of retailers will likely want to keep signatures, particularly if their workers are paid based on a lot of tips, or they sell pricey items. Still, the change marks a clear awareness from payment providers that the signature doesn't really work as a strong protector against fraud.
The change is being handled a little differently by each payment provider. For instance, Mastercard, Discover and American Express said they'll let retailers make every kind of card payment optional for a signature, regardless of whether you've got a new chip card or you still swipe. Visa, meanwhile, isn't changing its requirements for payments using a swipe card, but it did relax its policy for chip card and contactless payments like Apple Pay. Visa noted that over 75 percent of face-to-face transactions using its cards in North America already don't require a signature, thanks to lower-value transactions.
The change is being handled a little differently by each payment provider. For instance, Mastercard, Discover and American Express said they'll let retailers make every kind of card payment optional for a signature, regardless of whether you've got a new chip card or you still swipe. Visa, meanwhile, isn't changing its requirements for payments using a swipe card, but it did relax its policy for chip card and contactless payments like Apple Pay. Visa noted that over 75 percent of face-to-face transactions using its cards in North America already don't require a signature, thanks to lower-value transactions.
... welcome to the year 2000!
By the time the rest of us are authorizing credit purchases with telepathy, you'll probably *JUST* be introducing the "tap & go" LOL what a fucking backwater...
Most credit card fraud is based upon writing bogus data (data for the victim's card) to the magnetic strip, so the chip does at least provide security against someone getting hold of your number and creating a fake credit card using it.
But yes, it does nothing for you without a PIN if the card leaves your possession.
You are not alone. This is not normal. None of this is normal.