20 Jan '12, 8am

All banks to implement chip in ATM cards by 2014

All banks to implement chip in ATM cards by 2014

The entire banking industry will implement smart chips in their ATM cards by 2014, the Association of Banks in Singapore (ABS) said. -- PHOTO: SPH By Robin Chan The entire banking industry will implement smart chips in their ATM cards by 2014, the Association of Banks in Singapore (ABS) said. The industry change was "fast-tracked" after DBS Bank was hit by an ATM skimming syndicate that stole $1 million from about 700 customers - the largest ever incident in Singapore. The latest announcement is in addition to moves earlier revealed by The Straits Times. Banks will start sending out SMS transaction alerts on withdrawals from ATMs above a certain threshold and set the default use of ATM cards for Singapore only by June 30. The industry body, which represents the banks in Singapore, said it is also in discussion with banks to set out industry standards on the type of alerts ...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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