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Citibank Credit Card / no security for card member

1 India Review updated:

I would like to bring to everyone's notice, that though a credit card company, when making you a member and sending the card to you, mentions in their covering to sign behind the card for mutual security, it has no validity.

Every since the system of electronic swiping has come into place, no retail outlet bothers to verify your signature. All they are satisfied is if the approval is given, and the receipt is printed.

This is serious, as it encourages fraud. Anyone can sign and make purchases as signature is not verified.
I have asked Citibank this question,and till date it remain unanswered.

What I have come to know is that the retailers will get their money irrespective the fraud has been committed.

Unless the member contests that the purchase has not been made by him or her, only then perhaps the bank will take cognizance. However if one's credit card has been stolen, its very easy for the thief to make purchases as no signature verification takes place.

Signature verification should be made mandatory, and retailers etc should be held responsible too for sales they enable on credit card.

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Comments

  • Ni
      4th of Mar, 2008
    0 Votes

    As a former employee of Citi cardmember services, I can tell you that we would hope that you sign the back when instructed to do so (when you call to activate the card) so that should there be a fraud claim, it will help in the investigation.

    Many people do not sign the card because they feel that should their signature be mastered by a thief, it will make a claim harder to prove. Stores arent supposed to accept an unsigned card, but most do, as you have said, because they have a green interest.

    If you were truly that concerned, maybe a card with a photo will be better for you.

    If it helps at all, just know that even though many people claim fraud, many are not fraud, just people not wanting to pay and report it stolen or lost, etc. Claims are not signed off easily, like money off a tree. They are investigated fully, and if someone on the video surveillance isnt you, I wouldnt worry about the signature, present or not. If every credit card in your history has claims on it, thats a problem. If not, thats what the buyer protection is for.

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