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hey guys credit circle here so MasterCard has announced over the past few days that as of April 2018 so in six months time they will no longer require signatures for in-person payments using their credit or debit cards in the US and Canada now this may sound surprising to some people thinking you know is it going to be secure you know what if someone steals your card they can just use it without a signature to be honest though I've worked as a cashier at several places over the years and never were we instructed by managers to actually check signatures on the card sometimes customers don't even sign their card in the first place so their signature is just whatever certain customers will just put a line through and press ok on the screen so to be honest the signature in my mind it basically does nothing MasterCard have pointed out in an article on their website that 80% of their transactions using their cards in the US and Canada already already don't require a signature and many stores if you are a certain size of store you can utilize a system that requires you not to have a signature for smaller purchases so normally purchases under $50 do not require a signature at larger chain stores like you know supermarkets or coffee shops like Starbucks obviously like smaller mom-and-pop stores independent coffee shops still require a signature but those larger chains purchases under 50 normally don't require a signature and so MasterCard wants to take this to 100 percent you know in the US and Canada they have talked about you know fraud detection is becoming so good and the insurance system they have and everything they are confident that they don't need the signature to be honest even though it feels more secure to a credit card holder having to sign for something the fraud protection and the insurance the purchase protection all this insurance on the cards is so good now that normally if someone steals your card you're not liable for it anyway so it's more that the company feels confident that if we you know not don't use signatures anymore they will not have a significant increase in fraud because they're the ones actually who are going to be liable perhaps they have an insurer that insurers against this kind of thing so their insurance company ends up being liable but really it's not actually the customer with a credit card certain debit cards maybe you would be but credit cards normally have that level of protection so what do I think about this well personally you know I like the fact that we don't have to use signatures on smaller purchases at most larger stores but to be honest if it's over $50 if it's a larger purchase I don't really care whether I have to do a signature or not because normally the larger purchase I'm not going to be in a hurry you know it's not like nipping into Starbucks to grab a cup of coffee and wanting it to be quick you know with an over $50 purchase you know say I'm going to spend $400 on a new widescreen TV it's not like I'm you know rushing home and then I pass a store I'm like oh I'll just pop in and quickly grab a $400 TV you know no way you're gonna spend time picking it you probably have to bring your car so you have a method to bring it home it's gonna spend some time so it's you know an extra 20 seconds to do a signature really not important so to be honest I don't care either way on purchases over $50 I think it's cool if MasterCard is pushing the envelope they also pointed out that with mobile wallet technology you know you can input your card details into an iPhone or whatever phone you've gotten and use your fingerprint or your phone's code to pay that adds another level of security so things are getting more secure without the use of signatures in Europe they often have Chip and PIN systems which are also more secure than signatures MasterCard had also released some images of a prototype system where they actually have a fingerprint scanner on the cart this hasn't really been released yet I think they're just testing it or something like that but it's kind of like a proposed thing so they are kind of pushing the envelope anyway this will come in in April 2018 just over six months away what are your thoughts on this guys what do you think are the best methods for securing a purchase is a fingerprint a PIN number or do you like the way we sign for credit cards leave your thoughts below if you're new please subscribe give this video a like what see you next time bye [Music]