MasterCard Canada waiving signatures on low-value transactions

Reports are coming in from Canada that some retailers - apparently with MasterCard's blessing - are waiving the need for customers to sign for transactions of under £12.00 or so.

And nope, they're not using PINs as authentication either - it's all part of a drive to speed transactions up at tills in busy stores.

According to newswire reports, MasterCard Canada is already operating its "quick payment system" with a number of different large companies, although the cap on no-signature transactions seems to vary from C$25 to C$100, depending on the store concerned.

To protect against fraud, MasterCard is asking cardholders to retain their receipts and check them against statements as soon as they arrived.

Magic - so MasterCard is devolving an anti-fraud check from the point of sale to the cardholder. Am I alone in thinking this is crazy as far as card security is concerned?...