In hopes of significantly reducing ATM fraud, The Association of Banks in Singapore (ABS) announced Friday that it would introduce a number of security measures that would be fully implemented by 2014, according to a story at asiaone.com.
ABS director Ong-Ang Ai Boon, director of ABS said the changes were not a "knee-jerk" reaction to the fraud that hit DBS. She said measures to boost ATM and card security were already in the works, but were being "fast-tracked" after the DBS card skimming scam that took place earlier this month.
"Over the last two years, we have been constantly looking to enhance all the security measures," Ong said. "We know out there the fraudsters are getting smarter and more sophisticated and know what we are doing, and we need to stay ahead of them."
Security measures and their implementation dates are:
- by 2014, equip all ATM and ATM-linked debit cards with chip technology
- by June 30, 2012, send SMS alerts for all transactions above a certain threshold
- by June 30, 2012, disallow use of ATM cards overseas unless instructed by customers
- by June 30, 2012, require customers to activate all new credit and debit cards by contacting the bank
- by December 31, 2012, issue enhanced security tokens for online banking
