Chip & PIN To Replace Signatures

I posted last week about Chip & PIN reducing the amount of card fraud, well it seems like that was just a little softener before the banking industry announced that from Valentine’s Day next year, you will not be able to make purchases by signing for a card that has Chip & PIN technology.

This could lead to a few abandonments of goods at checkouts, although the figures suggest that it won’t be a major problem, as 97% of transactions on Chip & PIN debit cards and 89% on credit cards use the PIN for verification rather than the signature.

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