banking query

shelly608

Hi,

Does anyone know if it is right for a bank to process an unsigned payment slip ?

We had to pay via the old fashioned imprint way the other week for our purchases, as the chip n pin was down. The staff failed to ask for a signature, but the bank processed without checking with us.

The same bank that won't talk to my husband with out his own pin number for our joint account.

just a slight inconsistency in security policies.

Mikeyorks

The Bank don't process 'the payment slip' .... they don't even see it.

It's the 'merchant acquirer' working for the retailer who keys the data into the system from the piece of paper.

shelly608

i am still intrigued as to why no signature is required, when card is swiped you have to sign, chip n pin, pin number entered. Cheques need to be signed. Surely it should have been questioned. ? Makes it quite easy for fraudsters.

opinions4u

I'm assuming a retailer hasn't collected a signature for a transaction where chip and pin was unavailable.

The transaction will still get processed in the usual way and will be charged to your account. The slip itself will remain with the retailer.

If a customer claimed that the card had been used fraudulently and the retailer was unable to show the signature, the bank would reimburse you and charge the retailer for the loss.

It is absolutely the retailer's responsibility to deal with the transaction properly.

If you actually reported the card missing and shouted "fraud" there's a reasonable chance you'd get the money back for the transaction.

Equally, that in itself would be fraudulent and you open yourself up to a charge of theft or deception which could land you in prison!

Extant

What that guy said.

With a card purchase, the signature slip is not returned to the bank as with a cheque, as it is not the instrument of payment. The payment is not reliant on the signature being returned to the bank, it's reliant on the card number being presented (along with any other details the card processor asks for).

As for fraudsters, very little fraud actually happens through this channel - most card related fraud is on cloned cards, which are easier to pull off. Reason being that copied cards don't tend to actually look like the bank's card, they're just bits of regular old plastic, which get noticed in shops.

shelly608

Thank you for your helpful replies. More helpful than my own bank.

Mx