Originally Posted by
dulciusexasperis
So what you are telling me if I understand it, is that anyone can insert your card into the card reader and it will approve the transaction? That means, if you drop your card and I pick it up, I get a free shopping spree until you notice you don't have it and get the card issuer to cancel that card.
Yes, that's what it means. It doesn't work that way at every vendor, so you may not have much success going on a shopping spree. But that's exactly how it works at my grocery store now.
To be fair, the signature was never a safeguard anyway, so it's no less safe than before. I could sign anyone's name, no one ever verified anything. Ultimately, the US needs to move to the chip & pin system.