How often do you sign the receipt after using your credit card? When you do, is it just a random scribble? Have you even signed the back of your card? All of these have become pretty common practice.
To be honest, many places I frequent accept Apple Pay. So I don’t end up having to do anything except tap my watch on the pin pad.
So what’s the point of signing your receipts?
Old identity verification
Using a credit card was a whole lot different 20 years ago. Carbon paper slapped into a weird device that can crush your finger-tips, to make an impression of the card. Remember the sound?
There wasn’t any computer to check available funds or if the card was stolen. So the merchant’s first line of defense was a perfect signature on the card, compared to the signed receipt. This was a rudimentary attempt at stopping fraud.
Credit cards have caught up with the times
Now, there are several checks and balances when you swipe your card. Payment processors, in most cases, check available funds and if the card has been reported stolen right then and there.
Cards also have EMV chips (Europay, Mastercard and Visa) that also help stop fraud. Thieves can skim card numbers from the magnetic strip, then make their own card with your number. The EMV chip helps stop this in most cases.
Today, the original purpose of signing the card and receipt is moot. So American Express, Mastercard, and Discover will no longer require you to sign your receipts. Expect this to take effect in April 2018.
Everything you need to know about Apple Pay
Apple Pay is a digital wallet that allows you to link up your debit cards, credit cards, store cards and more, and use them to make transactions both in a store and online. Click here to learn more!