Citibank Credit Card / no security for card member
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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