Not really Ralph. I've had my ugly mug and signature on another credit card for years and all don't even look. I used it once in Australia and almost immediately someone had a spending spree on me. The picture is more for the credit card company to deny payment in fraudulent cases to the vendors who don't check for ID etc.
The funniest fraudulent use of my credit card involved Eric Cheng. We had the same Amex card so it was switched by an errant restaurant waiter in FL. I went home while he continued to use my card in FL and CA for 3 weeks! The worst thing is on my signature panel, I had "CHECK ID PLS!" written on it. I tried to use his card once. It was not the restaurant but my girlfriend who noticed the name Eric on the card. She later was worried I was a grifter and asked how many other aliases I had besides Eric Cheng! To prove my innocence, I had my gf go shopping on my credit card, and she did that for an entire day without being harassed, only one of the sales persons at her favorite shop mentioned,"so you got him to pay for your spree today! That's awesome!" My gf was duly shocked at how easy it is to commit identity theft fraud.
Basically, a mug and signature panel does nothing. Checking ID helps but in the age of internet orders, that's impossible.