20 Feb '14, 6am

Security steps for #credit cards robust: #MAS #theft

THE Monetary Authority of Singapore (MAS) said security measures for credit cards here are robust by international standards but card customers should still take necessary precautions when using their cards. It was responding to media queries about unauthorised online charges by a Taiwanese merchant, Neweb Technologies, involving credit cards issued in Singapore by DBS, UOB, OCBC and Citibank. MAS said Singapore has a comprehensive set of security measures for payment cards, including credit cards, such as the migration of magnetic stripe cards to more secure Europay, MasterCard and Visa chip cards, and the use of one-time passwords for online transactions, among others. There has been no evidence of a breach of payment security among banks, MAS said. But card transactions involve other parties such as merchants and data theft can occur there too. Several users hit by the ...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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