October 21, 2017
MasterCard will No Longer Require Signatures Starting April 2018
MasterCard announced a significant change in the way we make purchases. The company will no longer require customers in the United States and Canada to sign for purchases using MasterCard credit and debit cards. The new policy will go into effect in April 2018.
MasterCard says the change will make the purchase process faster and more efficient for consumers and that it will not impact the security of transactions. MasterCard said “Our secure network and state-of-the art systems combined with new digital payment methods that include chip, tokenization, biometrics and specialized digital platforms use newer and more secure methods to prove identity.”
I think this policy makes a certain amount of sense. Just think about how often a merchant actually verifies your signature-almost never. This is especially true in the US. In Europe and Asia, merchants are much more likely to verify your signature, but it’s still not an overly common practice. Even if credit card fraud happens, the credit card issuer refunds you the loss. So they’re the ones on the hook, not you.
H/T: Doctor of Credit