Singapore banks to introduce new card technology
(24 January 2012 – Singapore) Singapore's banks will introduce EMV chip technology to all ATM cards over the next two years as part of an industry-wide security push.
The Association of Banks in Singapore (ABS) says all ATM and ATM-linked debit cards will get EMV chips in addition to mag-stripes by 2014.
Meanwhile, in the wake of recent skimming incidents involving DBS Bank, by June all ABS members will start sending out SMS text alerts to customers when their cards are used for ATM withdrawals at home or abroad. DBS has already brought in this measure.
Also by June, all banks will block ATM and ATM-linked debit cards used overseas unless customers request otherwise.
In addition, member banks are planning to boost Internet banking security by issuing online tokens with enhanced features such as 'transaction signing' by this December.
ABS Ai Boon director Ong-Ang said: 'ABS recognises that customers are concerned about the safety of their deposits and accounts. They can be assured that ABS and its members are constantly enhancing and implementing new security measures to address such concerns.'
Meanwhile, in the wake of recent skimming incidents involving DBS Bank, by June all ABS members will start sending out SMS text alerts to customers when their cards are used for ATM withdrawals at home or abroad. DBS has already brought in this measure.
Also by June, all banks will block ATM and ATM-linked debit cards used overseas unless customers request otherwise.
In addition, member banks are planning to boost Internet banking security by issuing online tokens with enhanced features such as 'transaction signing' by this December.
ABS Ai Boon director Ong-Ang said: 'ABS recognises that customers are concerned about the safety of their deposits and accounts. They can be assured that ABS and its members are constantly enhancing and implementing new security measures to address such concerns.'
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