In an effort to reduce fraud, the Association of Banks in Singapor announced that it has set guidelines regarding the implementation of smart chips in ATM cards in Singapore.
The Strait Times reports that by 2014 all ATM cards will need to have smart chips embedded in them to increase their security. This plan has been in the works for some time but was accelerated when DBS Bank was attacked by a fraud scam.
As the plan is implemented, banks will have to meet certain target dates for providing certain features until the scheme is fully realized. By June 30, 2012, banks will have to send SMS alerts for any transaction above a certain amount, stop cards from being used overseas unless customers specifically instruct them to do so and require customers to contact the bank to activate credit and debit cards.
By the end of this year, banks will have to issue security tokens to be used in conjunction with online banking. By 2014, all ATM and ATM-linked debit cards will have to incorporate chip technology.
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