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TODAY MONDAY 2 SEPTEMBER 2013

EVERYONE CAN BE FINANCIALLY SAVVY

Taking steps to protect yourself from card fraud

FROM POSB EXPERT ANTHONY SEOW Head of Cards and Unsecured Loans

THE DEBIT OPTION

Like ATM cards, debit cards let you withdraw cash from your banks ATMs. They can still be used for signaturebased transactions where Visa/ MasterCards are accepted. What you spend is immediately deducted from your bank account, helping you manage your nances. Debit-card users also enjoy perks such as dining privileges and cash rebates.

W H AT I S P O S B D O I N G T O PROTECT ITS CARDMEMBERS?

PHOTO: THINKSTOCK

Keep your cards and money safe

Banks are embedding more secure technology in their payment cards, but customers should also stay vigilant
With an increasing number of merchants accepting card payments, more people are using their cards for store and online purchases. While enjoying the convenience and rewards, cardholders should also know how they can better protect themselves from card fraud. In recent years, the industry has introduced measures to protect cardholders including the introduction of chip cards and disabling of magnetic stripe use for local instore purchases. So what exactly does this change mean for a banks customers? In shor t, you enjoy g reater security and the added peace of mind that comes from knowing that the risk of card fraud has been greatly reduced.
ENCRYPTED SAFETY

TIPS FOR CARD USERS

Keep a record of your card numbers, their expiration dates, and the phone number and address of the bank in a secure place. Keep card-related information, such as your personal identication number (PIN), separate from your card. Do not perform online transactions using shared devices such as computers in cybercafes. Call the bank immediately if your card or card information is lost or stolen. Note the time and date you discovered the loss.

At POSB, the safety of our customers funds is important to us. We have continually stepped up our security measures and upgraded our systems to protect our customers against fraud. If you conduct a large transaction with your card at home or abroad, chances are you have received regular SMS alerts from us. You can alert us immediately if you were not responsible for the transaction. Youll also have to activate all new, replacement and renewal cards before using them. The bank has been progressively replacing its ATM cards with chipbased cards, which offer enhanced security and protection. This is in line with the industrys efforts to move towards chip technology. The banks point-of-sale terminals islandwide are already processing transactions using chip technology, and by the end of this year, all DBS/ POSB ATMs will also be enabled to read chip cards.
WHAT DOES THIS MEAN FOR CONSUMERS?

and make sure that the merchant does not double swipe swiping the card through an internal POS system in addition to the card terminal. As far as possible, do not let your card out of your sight as well.
ONLINE PROTECTION

The data on magnetic stripe cards can be copied, making it relatively easy for fraudsters to duplicate your cards. Local credit and debit card transactions already use chip cards, but magnetic stripes are still used in some countries overseas. If youre shopping overseas and the merchant accepts chip cards, its also a good idea to insist that the transaction be processed via chip instead of magnetic stripe. To further protect yourself, avoid using standalone ATMs overseas

If youre shopping online and are concerned about security, look out for merchants whose websites use 3D Secure Technology. This will require you to enter a one-time password before completing the transaction. This helps protect you against online fraud and is a secure way to authenticate that you are making the purchase as the rightful owner of the credit/debit card being used. Banks also send out SMS alerts for card transactions. If you receive an alert for a transaction you did not make, you should notify the bank immediately.
This is the second stor y in a 19 -par t collaboration between TODAY and POSB.

At POSB, the safety of our customers funds is important to us. To raise awareness of the more secure chip card and ensure a smooth transition to chip cards, POSB has launched The Great Singapore ATM Upgrade campaign.
Anthony Seow
HEAD OF CARDS AND UNSECURED LOANS

You should make sure you have a chip card for all ATM/debit/credit card transactions in the future. To raise awareness of the more secure chip card and ensure a smooth transition to chip cards, POSB has launched The Great Singapore ATM Upgrade campaign. As we will be sending you a new chip card to replace your magnetic stripe ATM cards, you should update your contact details such as residential address, phone number and email address with us. If youre a customer whos based overseas but still using your Singapore address, you should make arrangements for your new chip card to be sent to you securely. To help you with the transition, instructions for card activation will be provided in the migration pack. You can also activate your new card on iBanking or at our ATMs.
SHOULD I CHOOSE AN ATM/ DEBIT/CREDIT CARD?

account at your banks ATMs using your personal identication number. While both ATM cards and debit cards can be used to buy goods and services, ATM cards are typically limited to NETS transactions while debit cards can also be used for signature-based transactions where Visa/MasterCards are accepted locally, overseas and over the Internet. This may seem similar to credit cards, except that with debit cards, the purchase amount or withdrawal is deducted immediately and directly from your bank account. Unlike ATM cards, debit-card users also enjoy additional perks and even cash rebates. A debit card is often used for smaller purchases such as groceries and petrol, while credit cards are often used for more expensive purchases such as electronics. Credit cards usually have a 20-day interest-free period after an item is bought. Zero per cent instalment plans also give you more exibility in managing your cash.
WHAT ELSE CAN CONSUMERS DO TO PROTECT THEMSELVES FROM BECOMING VICTIMS OF CARD FRAUD?

In addition to the measures banks are taking to protect cardholders, you too can play an active role in protecting yourself. 1. Keep an eye on your card during every transaction. 2. Save sales slips to compare with billing statements. If you notice any discrepancies, call the card issuer immediately. 3. Only shop at reputable and legitimate merchants (including online stores). 4. Shred old charge receipts, credit applications, billing statements and expired cards. 5. Update your contact details with the bank and make sure that you notify the bank promptly if you receive an SMS alert for a transaction you did not make.

If you want the functions of an ATM card and the ability to perform credit-card type point-of-sale transactions, you might want to consider a debit card or credit card linked to your savings account. Like ATM cards, debit cards allow you to withdraw cash from your bank