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October 2015: The End Of The Swipe-And-Sign Credit Card

Sunday, February 9, 2014 - 3:48 PM
"It’s a payment ritual as familiar as handing over a $20 bill, and it’s soon to go extinct: prepare to say farewell to the swipe-and-sign of a credit card transaction. Beginning later next year, you will stop signing those credit card receipts. Instead, you will insert your card into a slot and enter a PIN number, just like people do in much of the rest of the world."

 October 2015: The End of the Swipe-and-Sign Credit Card - Corporate Intelligence - WSJ
7
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,576
1. Sunday, February 9, 2014 - 4:30 PM
I, for one, will be very happy to see the change.  I hate the way those wiggly signatures turn out and don't know how they can say they are from real people.  As long as they don't start adding a fee to do it this way, I will be happy to use the pin instead of the sig.  Thanks for the good news, SB.
3
paoli2paoli21,139 posts since
Aug 10, 2011
Rep Points: 5,077
2. Sunday, February 9, 2014 - 8:57 PM
Aldi's is a grocery store from Canada and in Michigan. They use only debit cards with a pin no signature based debit cards and no credit cards. They were hacked a while ago. How is a credit card with a pin any different than a debit card with a pin?
2
AllyAlly772 posts since
Jan 16, 2010
Rep Points: 2,248
3. Sunday, February 9, 2014 - 10:39 PM
#1 I sign with bugs bunny, Batman ect ect ect
1
RicochetRicochet131 posts since
Jan 19, 2010
Rep Points: 356
4. Monday, February 10, 2014 - 7:57 AM
Ally,

"Card skimmers that thieves install where you swipe your card to pay at the pump can copy the account data from the magnetic stripe on the back of your card, along with your PIN if you type that in for a debit card transaction. In fact, what crooks prize most is capturing debit card data complete with PINs so they can make counterfeit cards to withdraw cash from your account at ATMs. If you must use a debit card, never type in your PIN. Instead, select the option on the screen that allows you to have your debit card purchase processed as a credit card transaction. The purchase still is debited from your checking account, but you won’t need to enter your PIN, which is what the bad guys need to withdraw cash from your account at an ATM.  Chip-and-PIN cards are safer for consumers because they are not susceptible to skimming scams. EMV cards cannot be cloned, as each embedded chip is uniquely encrypted for a specific card."

What Is a Chip-and-PIN Credit Card? - EMV Cards - Tom's Guide


 
2
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,576
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