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Per ThePointsGuy, Mastercard will no longer require signatures

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Anonymous
Not applicable

Per ThePointsGuy, Mastercard will no longer require signatures

On in person purchases.  I think this is a very good move and hopefully Visa will follow suit.

 

https://thepointsguy.com/2017/10/mastercard-getting-rid-of-signatures/

Message 1 of 12
11 REPLIES 11
simplynoir
Community Leader
Mega Contributor

Re: Per ThePoints Guy, Mastercard will no longer require signatures

Tbh with chip cards I'm still surprised the big 4 still require signatures at all. But regardless this is good news.

Message 2 of 12
K-in-Boston
Credit Mentor

Re: Per ThePoints Guy, Mastercard will no longer require signatures

A step in the right direction, but unless the other card networks make the same move it's going to be very YMMV at the retail level.  A lot of point of sale systems aren't able to have different settings depending on the card type.  The existing rule is that MasterCard only requires a signature for purchases over $50 and Visa's requirement is $25; because V/MC are usually interwined on the back end, we still have to do signatures for MC between $25 and $50 due to the Visa being lower.  For the smaller shops using the stand-alone credit card terminal it should be a quick rolling out, though.

Message 3 of 12
Anonymous
Not applicable

Re: Per ThePointsGuy, Mastercard will no longer require signatures

I prefer it require pin due to thief

Target have pin chip..
Message 4 of 12
pip3man
Valued Contributor

Re: Per ThePointsGuy, Mastercard will no longer require signatures

I still don’t understand how and why signatures are required for purchases regardless of the dollar amount?!. It’s not like it makes transactions any safer or authentic. Someone can go out, make purchases, sign a fake signature then turn back around and claim it wasn’t them. Or on the other hand, someone can steal a CC, go on a spree and sign all purchase receipts with a bogus signature. In this scenario does that mean the transactions were valid simply because there were signatures? And worse part is, credit card companies don’t even have cardholders original signatures on file so why on earth is a signature required in the first place? I’m dying so bad to know why cos this is so dumb and there’s no rationale behind it

Message 5 of 12
MrDisco99
Valued Contributor

Re: Per ThePointsGuy, Mastercard will no longer require signatures

Im guessing this is one more step toward proper chip+PIN like they do in the rest of the civilized world?
Message 6 of 12
Anonymous
Not applicable

Re: Per ThePointsGuy, Mastercard will no longer require signatures


@MrDisco99 wrote:
Im guessing this is one more step toward proper chip+PIN like they do in the rest of the civilized world?

Wouldn’t count on it but we can always hope

Message 7 of 12
simplynoir
Community Leader
Mega Contributor

Re: Per ThePointsGuy, Mastercard will no longer require signatures


@MrDisco99 wrote:
Im guessing this is one more step toward proper chip+PIN like they do in the rest of the civilized world?

Pretty much. Like mister-endowed said signatures provide nothing in terms of security so not requiring them is the first step hopefully in having this implemented.

Message 8 of 12
HeavenOhio
Senior Contributor

Re: Per ThePointsGuy, Mastercard will no longer require signatures

Does the merchant have some say in whether or not a signature is required?

Message 9 of 12
Anonymous
Not applicable

Re: Per ThePoints Guy, Mastercard will no longer require signatures


@K-in-Boston wrote:

A step in the right direction, but unless the other card networks make the same move it's going to be very YMMV at the retail level.  A lot of point of sale systems aren't able to have different settings depending on the card type.  The existing rule is that MasterCard only requires a signature for purchases over $50 and Visa's requirement is $25; because V/MC are usually interwined on the back end, we still have to do signatures for MC between $25 and $50 due to the Visa being lower.  For the smaller shops using the stand-alone credit card terminal it should be a quick rolling out, though.


Merchants do not follow the rules regardless of what the card networks ask them to do. 

 

At Speedway, every chip transaction is signature if using a credit card. You could buy a pack of gum for $.25 and you'll still have to sign for it --- that right there folks is true chip and signature. I've used Visa, MasterCard, Discover, and AMEX there... You have to sign regardless of the amount and the card network you use. 

 

You do make a good point about all of the issuers changing to the non-signature approach. I think they all will forget the signatures eventually. Now on to the fun part where you go to explain that you're not supposed to sign for MasterCard purchases anymore, but the cashier will still prompt you to sign and give you the "I don't care" look while you're telling them about MasterCard's change to signatureless transactions. I expect merchants to lag behind the card technology like always. 

 

Let me add that the push for signatureless transactions may have more to do with contactless having a wider acceptance in the states than ever before. Merchants are too lazy to program their terminals to bypass signature for contactless transactions, so it may be better just to give an incentive to not take signatures at all anymore. Contactless is pointless if you still have to use a signature or enter a PIN. 

Message 10 of 12
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