24 July 2014

Singapore banks move to EMV for ATM cards

20 January 2012  |  7060 views  |  0 credit card chip

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.

Ong-Ang Ai Boon, director, ABS, says: "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."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related stories

18 January, 2012
26 October, 2011
13 September, 2011
30 March, 2011
05 May, 2010
04 February, 2010

Featured job

Basic £130-140K OTE £250K (no ceiling)
London based and across EMEA

Find your next job