Credit Card Signatures "Going Extinct"

For as long as I can remember using a credit card, I can remember having to sign my signature once the card was processed to ‘verify my identity’. Of course, this was a tedious task that sometimes annoyed me as it never seemed purposeful, but I always just did it because I had to.

 

Within the last two days, BusinessInsider and the New York Times have released articles stating that credit card signatures are “going extinct”. The big four credit card companies in the U.S. (Visa, MasterCard, Discover, and American Express) have all said that they will “no longer require customers to sign their receipts when they check out at stores.” This movement is backed by the idea that EMV chip technology has made it harder to copy credit cards, and the rise of online shopping and other payment methods have made signatures less necessary.

 

So with all of this being said, I have a few questions:

 

  • What does the caucus think will be the impact of this decision?
  • Do you think signatures were a reliable verification of one’s credit card identity?
  • Do these credit card companies need to do something else to verify one’s identity, or is the chip feature of credit cards sufficient?
  • Are you yourself happy or dissatisfied with this movement?

 

https://www.nytimes.com/2018/04/08/business/credit-card-signatures.html

 

http://www.businessinsider.com/walmart-target-kill-receipt-signature-requirements-2018-4

 

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