Chip and PIN vs Chip and Signature

The Verge on a topic that has bugged me for a long while:

Representatives from the banking industry say chip and signature is what consumers and merchants want: convenience and speed. Customers don’t want to have to remember a PIN for their credit cards, vice president of legislative affairs at the American Bankers Association Jason Kratovil tells The Verge. "You've got both banks and retailers struggling with how to find the right mixture of providing security to customers, yet also the convenience that American customers expect."

Everywhere else in the world has Chip + PIN. New Zealand has had swipe+PIN as long as I can remember (we have Chip+PIN now).

I have (legally, with my own card, of course) walked into a supermarket in the US, bought $500 of iTunes vouchers, paid with my Amex (swipe and sign) and walked out. No ID check, not even looking at the back of the card. And that wasn't an aberration.

No wonder the US has the highest rate of credit card fraud in the world.