Going for signature instead of pin is BRILLIANT ... for the banks, because any fraud is charged out of merchants pocket - he didnt verify card owner identity at

Going for signature instead of pin is BRILLIANT ... for the banks, because any fraud is charged out of merchants pocket - he didnt verify card owner identity at the time of the transaction. Good luck asking every single customer for ID at the supermarket checkout. Whole point of PIN was to move responsibility over to VISA and banks. This is why they kept claiming every transaction with chip&pin card is 100% valid and there is no chance of fraud. Reading this article gave me LOL. Their super fraud prevention is asking the card for multiple pin verification before client enters real PIN, so if the card validates random bad PINs reader can flag fraud. This will stop scammers for ... one week? until they start programming shims to only validate one particular PIN making the card act like the real one.