20 Jan '12, 9pm

Banks act to secure greater peace of mind - TODAYonline

SINGAPORE - Consumers can look forward to greater ATM and card payment security in the months ahead, which will culminate in all ATM and ATM-linked debit cards adopting EMV chip technology by 2014. Yesterday, the Association of Banks in Singapore (ABS) announced measures to be made by its 142 members - which include major banks such as DBS, UOB, OCBC, Standard Chartered, Maybank and Citibank - to prevent card fraud. ABS director Ong-Ang Ai Boon said the measures were not a reaction to Singapore's largest ATM card skimming fraud that affected 700 DBS customers to the tune of S$1 million earlier this month. The episode, however, " did fast track our discussion to implement the measures", she said. By June 30, all newly-issued debit and credit cards can only be used after customers have contacted their banks to activate their usage. All ATM and ATM-linked debit cards can only...

Full article: http://www.todayonline.com/Singapore/EDC120121-0000065/Ba...

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