Strengthening Cooperation with Industry Partners
Enhancing Payment Card Security
There is a rising global trend in payment card fraud involving credit and debit cards. Although the payment card fraud rate in Singapore has been relatively low over the last few years, it is necessary to strengthen measures to combat payment card fraud. In late 2009, MAS announced the following four key measures to enhance the security of payment card transactions:
| i) | Replacing magnetic stripe-only cards with EMV dynamic data authentication chip cards; |
| ii) | Introducing first-usage alert and activation procedures for new/replacement cards; |
| iii) | Notifying cardholders each time a transaction is made based on a pre-determined value threshold; and |
| iv) | Instituting a one-time password for card-not-present transactions. |
Over the last year, the banking industry has made significant progress in adopting the above measures and providing cardholders with greater security in payment card transactions.
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