3 ms·
"Critics have told me that banks opted for a signature versus a PIN code because it saves them large amounts of money by not having to store PIN codes for every
by kylehotchkiss 10y ago
"Critics have told me that banks opted for a signature versus a PIN code because it saves them large amounts of money by not having to store PIN codes for everyone."
- qq66 10y agoPINs are very costly because every time someone forgets one, you need to do an identity verification which usually depends on a human employee of the bank.
- nocha 10y agoI'm in the UK and I forgot my credit card pin a few years back. Getting it sorted was as simple as phoning an automated phone number, entering my card details and they then posted a new pin to the address they had on file. I highly doubt there was a single human involved in the entire process, and it was probably just an add to their lost card procedures.