Mastercard Will No Longer Be Asking for Your Signature—Here’s Why
But where will you practice your Zorro "Z's" now?
Atstock Productions/ShutterstockWhen EMV “chip” cards were introduced as the new standard for debit card (here are 10 fraud risks of using a debit card) and credit transactions, people got, well, chippy. Financial institutions cited the additional fraud protection which this new bit of technology provided, but according to Fortune, those claims might be a bit dubious. Regardless of their efficacy, the chip cards bring with them one major change to any given shopping experience: an increase in transactional duration.
For the optimist, these extra few seconds provided some moments for checkout line introspection. For the pessimist (see: everyone) it just added a few extra seconds wasted in a queue. But luckily for all the time-hoarders out there, your excessive line time is about be cut back down to pre-chip card levels, at least if you use Mastercard.
According to Fast Company, Mastercard will no longer be requiring their cardholders to sign their name when using their debit or credit cards, starting in April of 2018. This move has been part of a steady trend for Mastercard, as the company has been moving away from signatures over the past few years and currently requires a scribble on 80 percent of its transactions.
This move is customer sourced, according to the company’s press release, “[the cardholders] believe it would be easier to pay and that checkout lines would move faster if they didn’t need to sign when making a purchase.” There won’t be a security drop off— the signature will be replaced with new measure like “chips, tokenization, biometrics and other newer and more secure methods.” Considering most people’s stylus signature look less like an autograph and more like something pulled from a Richter Scale, these new measures will probably have a bit more luck preventing fraud. (These are the four things that happen after your credit card is stolen.)
[Source: Fast Company]