hello, can anyone please clarify on how mastercard handles credit card fraud with their pay as you go system?

Question

ok, i saw this MC commercial in the TV other day and they were promoting that MC where you can just scan your card and pay. No need of signatures. So I'm assuming anyone with a MC can do this this and there is no identification check. So I'm assuming that there are lot of unautorized chrages from MC if thats case. How MC handles this situation. Thanks,

Answer 1

Sort of.

Visa and MasterCard allow no signature for transaction under $50 or $25. Normal cards that do not have the paypass must still be inserted or slided down the slot.

I ask my bank about the Paypass. They said they would not get it for the reason of fraud. Plus, I would lose anything that small. If a purchase is over $25 or $50 a signature will be required even with paypass. The price depends on the merchant. I thought about this with fraud. I can not seem to find any info on this. Possible becuase a lot of people do not have paypass. The signature not required does bug me. If I left a card somewhere. They could go use at place without question.

Answer 2

I don't think I have actually had to sign anything when using a card in years. I slip it in the gas pump, pump the gas, get the receipt and go. You may have seen the commercial for the new machines some places now have that you just hold you "quick pass" or whatever name they put on it up to the register and it gathers the information without having to scan the card. So yes, all you need is that in hand. If you get one, don't lost it. if you lose it, report it or you will have to pay the bill.

Answer 3

oklatom has a good answer. As much attention as stores pay to the card these days, It could have your photo on it and the cashier would never know. Even if you have to sign, when was the last time the cashier actually touched your card?

Answer 4

No I havn,t heard of MC doing this but I live in Canada