The Monetary Authority of Singapore (MAS) has assured that a comprehensive set of security measures for credit, debit, pre-paid and ATM cards were in place in the country, to protect customers from fraudulent transactions.
The assurance from Singapore’s central bank and financial regulatory authority comes in the wake of recent rise in incidents of data theft and fraud involving cards across the globe.
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However, MAS emphasised to financial institutions in the country to implement the necessary controls to combat against data theft.
Besides migrating from magnetic stripe cards to secure EMV chip cards, banks in Singapore have implemented secure activation procedures for new and replacement cards, deployment of a One-Time-Password to authenticate customers before online transactions, among others.
Singapore banks have not reported of a breach of payments security to date.
Meanwhile, MAS has confirmed the recent incident of unauthorised online purchases made at a Taiwanese merchant were charged to Singapore payment cards. The customers were assured that they will not be held liable for the unauthorised charges.
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By GlobalData
