11 December 2016
Visit aciworldwide.com

Singapore banks move to EMV for ATM cards

20 January 2012  |  8071 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)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

DBS reacts to skimming with SMS alerts for ATM withdrawals

DBS reacts to skimming with SMS alerts for ATM withdrawals

18 January 2012  |  5691 views  |  0 comments
Singapore preps national NFC m-payments service

Singapore preps national NFC m-payments service

26 October 2011  |  9216 views  |  0 comments
OCBC ATM, online and mobile services knocked out

OCBC ATM, online and mobile services knocked out

13 September 2011  |  5735 views  |  0 comments
OCBC introduces 'scan and pay' Android app

OCBC introduces 'scan and pay' Android app

30 March 2011  |  9468 views  |  0 comments
MasterCard and Gemalto in Singapore SIM-payments trial

MasterCard and Gemalto in Singapore SIM-payments trial

05 May 2010  |  10756 views  |  0 comments
Singapore's Nets makes mobile bill payment move

Singapore's Nets makes mobile bill payment move

04 February 2010  |  7279 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comFind out more

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
9008 views comments | 39 tweets | 32 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8451 views comments | 38 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8110 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7418 views comments | 24 tweets | 13 linkedin
N26 opens up to 17 European countriesN26 opens up to 17 European countries
6984 views comments | 16 tweets | 22 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job