Here’s Why You Don’t Have To Sign Credit Card Slips Anymore
The transition to "chip" cards has been going on for the last two years, in an effort to make credit card transactions more secure. So why is your signature no longer required?
According to Lifehacker, "Beginning this month, major credit card issuers, including Visa, American Express, Mastercard and Discover, will no longer require signatures when you buy something."
That's because the chip technology is so secure, it makes your signature (which probably doesn't even look like your signature anyhow) irrelevant. “Our fraud capabilities have advanced so that signatures are no longer necessary,” said Jaromir Divilek, American Express’s Executive Vice President of Global Network Business.
As well, the rise in popularity of contact-less payment systems (like Apple Pay and Google Pay) might be an even more secure option. Scammers could easily "skim" the information from your card through old magnetic strip card readers. Chip cards are more secure, but not flawless. Lifehacker points out chip cards are susceptible to "something called “shimming,” in which fraudsters “secretly insert a shimmer, a paper-thin, card-size shim containing an embedded microchip and flash storage into the ‘dip and wait’ card slot.” It can then collect your credit or debit card’s EMV info."
Using a contact-less payment system is still your most secure choice.