Next year will herald the end of the swipe-and-sign credit card in the U.S.

This week, Target’s CEO appeared before the Senate Judiciary Committee to discuss the recent breaches that led to the loss of 40 million credit card numbers, as well as information pertaining to 70 million customers. Although malware placed on Target’s system is what exposed the data, most of the committee’s time was spent censuring traditional swipe-and-sign cards. 

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. The U.S. is the last major market to still use the old-fashioned signature system, and it’s a big reason why almost half the world’s credit card fraud happens in America, despite the country being home to about a quarter of all credit card transactions.

What do you think?

Avatar of Scarlett Madison

Written by Scarlett Madison

Scarlett Madison is a mom and a friend. She blogs for a living at Social News Watch but really prefers to read more than write. Find her on Twitter, Facebook, and Pinterest.

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Court bans AT&T’s Aio Wireless from using magenta color

Chromecast is getting ready to go international