Citibank Singapore has unveiled a
number of new features on its card and payments portfolio in
response to a local industry-wide initiative to enhance card
payments and ATM security.
Citibank Singapore is going to
enable instant de-activation and re-activation of credit cards and
allow card holders to set a certain time in which they can use
their debit and bank cards abroad as of 1 July.
Go deeper with GlobalData
The re-/de-activation of credit
cards will work via SMS, on the bank’s online banking portal and
via phone-banking, and at a branch.
The industry-wide initiative to
enhance card payment and ATM security comes half a year after
customers of Singapore-based POSB Bank became victims of account
fraud.
More than SGD1m (USD779,202) were
withdrawn from POSB customers’ accounts, which made the
Association of Banks in Singapore and its members call for tighter
security, such as inhibiting the use of debit cards abroad unless
the customer has specifically requested to use it outside of
Singapore.
The cards industry in Singapore is
also going to migrate to EMV technology, although an exact deadline
has not been revealed yet.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
