No more "swipe and sign" for credit cards by next year
The Wall Street Journal reports a familiar payment ritual is about to vanish from American culture; the swipe-and-sign method for credit card transactions will soon be no more.
The WSJ says beginning late next year customers will not sign credit card receipts and instead will have to insert cards into a slot and enter a PIN number.
Officials say the U.S. is the last major market to use the "signature" system even though the country is home to about a quarter of all credit card transactions.
The WSJ says the recent large-scale theft of credit card data from retailers including Target and Neiman Marcus brought the issue more mainstream attention, leading to a Senate Judiciary Committee hearing this week.
The WSJ says executives told the senators that once the country transitions to the new system which includes credit cards with a microchip containing security data that these kind of hacking attacks will be much harder to pull off.