KUALA LUMPUR, Malaysia -- Bumiputra-Commerce Bhd (BCB) has allocated 40 million Malaysian ringgits (about $10.5 million U.S.) to upgrade its ATM system and hardware, including the introduction of ATM cards with chip security features.
BCB, the first Malaysian financial institution to introduce ATM cards with a chip, has upgraded 300 ATMs to accept the cards and replaced an additional 120 ATMs with new machines with chip readers, according to a report in The Star.
"The whole upgrading process is expected to be completed by the end of next month,'' BCB executive vice-president, retail banking, Rosnah Kamarulzaman said in Kuala Lumpur on Oct. 29.
Currently, BCB has 718 ATMs nationwide, 338 at its branches, and 380 more in off-site locations, including shopping malls, hospitals, gas stations, airports and universities.
BCB has begun issuing the chip-based ATM card to new applicants and those replacing their cards.
The Malaysian Electronic Payment System Sdn Bhd (MEPs) hopes to migrate all Malaysian banks to chip cards in the first half of 2003, according to The Star.
Malaysia is migrating toward chip because of an increased incidence of ATM fraud. According to The Star, Malaysians lost more than 40 million ringgits (about $10.5 million) to ATM and credit card fraud in 2001. More than 100 cases of ATM fraud and 29 cases of credit card fraud were reported between last January and September.
BCB also announced the installation of its 10th ATM at a ProJET convenience store/gas station. Four more are scheduled to be rolled out by the end of 2002.
ProJET managing director Matthew Selbie said that ProJET would invest one billion ringgits (about $263.3 million U.S.) over the next 10 years to open up to 150 locations across peninsular Malaysia, especially in Johor, the Klang Valley and other core market areas.
Selbie said there were currently 19 ProJET stations and convenience stores, mainly within the Klang Valley and Johor Baru.
