B) Implementation of Transaction Alerts for ATM Cash Withdrawals & Other Banking Transactions

From 1 July 2012 onwards, Banks will send out transaction alerts via SMS for local and overseas ATM cash withdrawals. This means that customers will receive a SMS alert when cash withdrawals above a certain threshold are made from their account.

1. What is an ATM Transaction Alert?

   An ATM Transaction Alert is a text message that will be sent to you via SMS or email when an ATM cash withdrawal transaction equal to or exceeding a pre-defined threshold amount is made using your ATM, Debit or Credit Card that is linked to your Savings or Current Account. As a customer, you are automatically enrolled. This alert serves as a fraud detection measure and you should contact the Bank immediately if the transaction is not authorised by you.

2. What is the threshold amount that will activate an ATM Transaction Alert?

   The threshold amount is set by the Banks and may vary for each Bank. You may change the threshold amount by informing your Bank of your preferred threshold amount.

3. How will I receive my ATM Transaction Alerts?

   The ATM Transaction Alerts will be sent to you via SMS or email, so please ensure you have updated your contact information with your Bank.

4. When will I receive my ATM Transaction Alerts?

   You will receive an ATM Transaction Alert every time you make an ATM cash withdrawal transaction equal to or exceeding the pre-defined threshold amount.

5. Will there be a charge imposed for ATM Transaction Alerts?

   The ATM Transaction Alert service is currently provided to you free by the Banks for enhanced security. However, you may wish to check with your mobile phone service provider on the applicable terms and charges, including any fees that may be imposed for text messages that you may receive when you are overseas.

6. Will I receive my ATM Transaction Alerts when I am overseas?

   Banks will send ATM Transaction Alerts to you even when you are overseas. However, the delivery of ATM Transaction Alerts as well as the time taken for the ATM Transaction Alerts to reach you will depend on whether you have subscribed to an auto-roam service and the performance of your mobile phone service provider.

7. Can I change the threshold amount for my ATM Transaction Alerts?

   This will depend on the practices of individual Banks.

8. Can I opt out of this ATM Transaction Alert service? If I opt out, can I sign up for it in future?

   This will depend on the practices of individual Banks.

9. Can I register a pre-paid phone card for the ATM Transaction Alert service?

   Yes.

10. What other banking transactions are covered by Transaction Alerts?

    Transaction alerts will also be sent to customers via SMS or email for the following banking transactions:

    1. Successful GIRO set-ups;
    2. Cheque payments;

    3. Electronic Funds Transfer at Point of Sale (EFTPOS) transactions using the NETS network.

       Depending on their Banks, these alerts will be available to customers on an opt-in or opt-out basis with the option for customers to choose and to amend to their preferred threshold. The timeline for implementing these Transaction Alerts may vary from Bank to Bank.

11. What other Transaction Alert services are available?

    Please check with your respective Banks on the types of other Transaction Alert services that are available.

C) Activation of Credit / Charge Card, Debit Card and ATM Card

Since the second quarter of 2010, Banks and Card Issuers have begun to introduce first-usage alert and activation procedures for new / replacement debit and credit / charge cards.

From 1 July 2012 onwards, all new, renewal and replacement Credit / Charge Cards and Debit Cards can only be used after customers have contacted their Banks to activate the usage of these cards. All new and replacement ATM Cards also need to be activated if the Card is not activated at the point of issuance to the customers.

FAQs

1. Why do I have to activate my Credit / Charge Card, Debit Card and ATM Card now?

   Banks are taking extra steps to protect their cardholders to reduce the possibility of transactions being undertaken by unauthorised parties.

2. Can I use my Credit / Charge Card, Debit Card or ATM Card if I have not activated my card?

   No. You will need to activate your Credit / Charge Card, Debit Card or ATM Card before you can use it.

3. Which types of Credit / Charge Card, Debit Card or ATM Card need to be activated?

   This activation applies to all new, renewal and replacement Credit / Charge Cards, Debit Cards and ATM Cards. For Credit / Charge Cards, all principal and supplementary credit / charge cards including corporate cards will need to be activated.

4. How do I activate my Credit Card, Debit Card and ATM Card?

   You can activate your Credit Card, Debit Card and ATM Card as follows:

   1. by enabling this function at your Banks' ATMs;
   2. by sending an SMS message to your Banks;
   3. by submitting your request via your Banks' websites / internet banking websites;
   4. by visiting and enquiring at any of your Banks' branches during banking hours; or
   5. by mailing in the downloaded activation form(s) from your Banks' websites. Banks may use one or a combination of the above methods. Please check with your respective Banks.

5. Can I activate a supplementary card when I activate my principal credit card?

   This will depend on the practices of individual Banks.

6. Can I activate a supplementary card before I activate my principal credit card?

   This will depend on the practices of individual Banks.

7. Is activation immediate?

   This will depend on the activation methods available for each Bank. Activation via certain methods such as mail-in forms will not be immediate.

D) Cessation of Domestic Magnetic Stripe Transactions for Singapore-issued Credit / Charge and Debit Cards

From 1 July 2012 onwards, the use of magnetic stripe at all point-of-sale transactions in Singapore will cease for Singapore-issued Credit / Charge and Debit Cards. Credit / Charge and Debit Card issuers will reject all transactions made in Singapore using magnetic stripe. There will be no fall back to magnetic stripe in the event of chip card failure. Magnetic stripe transactions made on non-EMV terminals overseas can still be accepted. There is no change to foreign-issued Credit / Charge Cards.

FAQs

1. Why is the industry implementing this measure?

   Magnetic-stripe cards use an older technology. The data encoded on the magnetic stripe can be easily read and replicated with a magnetic stripe card reader / encoder, therefore making the card vulnerable to cloning. As such, the industry has implemented chip-based Credit / Charge and Debit Cards, which offer enhanced security and protection against fraud. The microprocessor chip on the card is protected by cryptographic encryption and this virtually eliminates the ability to copy contents of the chip to another card. All Credit / Charge and Debit Cards issued in Singapore now carry an EMV Chip.

2. When will this measure be implemented?

   From 1 July 2012, the industry will cease accepting all domestic point-of-sale magnetic stripe transactions for Singapore-issued Credit / Charge and Debit Cards. Credit / Charge and Debit Card issuers will reject all transactions made in Singapore using magnetic stripe. There will be no fall back to magnetic stripe in the event of chip card failure.

3. What is the failure rate for EMV Chip in Singapore?

   Based on industry statistics collated by ABS, the EMV failure rate in Singapore is about 2% with no particular concentration on the types of retail outlets.

4. How does Singapore's EMV Chip failure rate compare with other countries that have migrated to EMV Chip?

   The 2% EMV Chip failure rate is the norm in countries that have migrated to EMV Chips.

5. What is the impact on me as a customer?

   The only inconvenience is that there will be no fall back to magnetic stripe if the EMV Chip fails.

6. What options do I have if my EMV Chip Credit / Charge or Debit Card fails at a retail outlet?

   Merchants should try performing the transaction again. If the EMV Chip fails, the following options are available for customers:

   1. Customers can use another Credit / Charge or Debit Card if the EMV Chip fails;
   2. Customers can use another payment counter if the EMV terminal is faulty; or
   3. Customers can use NETS or cash to complete the purchase transactions.

   If the Card is faulty, customers may contact their issuing banks to request for a replacement card.

7. What types of cards will be affected by this measure?

   Only Singapore-issued Credit / Charge Cards and Debit Cards will be affected.

8. What types of transactions will be affected by this measure?

   Purchase transactions using Singapore-issued Credit / Charge Cards or Debit Cards at retail outlets will be affected. Besides purchase transactions, cash advances taken from Credit / Charge Cards via non-ATM channels will also be affected.

9. Will my magnetic stripe Credit / Charge or Debit Cards continue to be accepted on non-EMV terminals overseas in countries that have not implemented EMV Chip?

   Yes. Magnetic stripe transactions made on non-EMV terminals overseas can still be accepted.

10. Will my foreign-issued Credit / Charge or Debit Cards continue to be accepted on non-EMV terminals in Singapore?

    Yes. There is no change to foreign-issued Credit / Charge or Debit Cards which will continue to be accepted on non-EMV terminals in Singapore.

E) Transaction Signing for Online Banking

From 1 January 2013, customers will only be able to perform high risk transactions such as the setting up of new third party payees and ad-hoc funds transfers with the use of new tokens which provide enhanced security against online threats such as man-in-the middle attacks. These tokens can be used to further enhance the security of their internet and mobile banking transactions.

FAQs

1. When will Transaction Signing be implemented?

   From 1 January 2013, customers will need the new transactions signing tokens to authorise high risk transactions. Banks have started issuing new online banking tokens with enhanced security features such as "Transaction Signing" to further strengthen the security of online banking.

2. Do I need to sign up for the new security token?

   Customers will be progressively receiving the new tokens, which can be used to further enhance the security of their Internet and mobile banking transactions.

3. What is the purpose of this new security feature?

   It is intended to thwart man-in-the-middle attacks. This will provide greater assurance of security for high risk transactions such as setting up of new third party payees and ad-hoc funds transfers. With this new security feature, more banking transactions can be performed using self-service channels.

4. What are some of the high risk transactions that will be covered by this new security feature?

   Examples of these high risk transactions include:

   1. setting up of new third party payees;
   2. ad-hoc funds transfers;
   3. funds transfers involving large sums; and
   4. changes to sensitive customer data.

F) Migration of ATM Cards to Chip Technology

FAQs

1. What is EMV?

   EMV is a global security standard for chip card technology. It enables chip cards to be accepted anywhere in the world. With the EMV smart chip, your card is better protected against fraudulent activities.

2. Why is there a need to replace my magnetic stripe ATM card with a chip card?

   Chip cards are safer than magnetic stripe cards. A magnetic stripe card can be easily cloned. A chip card, however, contains a microprocessor chip that uses encryption to prevent its contents from being replicated.

3. What are the advantages of having the chip in my ATM card?

   The chip card complies with the Monetary Authority of Singapore's enhanced standard of data security. Compared to a magnetic stripe card, a chip card is able to store more data that uniquely identifies the card and the cardholder. This makes it nearly impossible for fraudsters to decode or tamper with the card.

4. Do I have to pay for the replacement of my ATM card to chip card?

   No, you do not need to pay for the new chip card. The cost of upgrading your magnetic stripe card to a chip card will be borne by the card-issuing bank.

5. What must I do with my current card once I receive the new chip card?

   Once you receive your new chip card, please proceed to activate it by following the instructions indicated on the card mailer. As a safeguard, please destroy your old card by cutting it in half to prevent unauthorised usage.

6. Why do I have to activate my new ATM chip card?

   With effect from 1 July 2012, all new and replacement ATM cards mailed to customers are "blocked" and need to be activated. Banks are taking extra steps to protect their cardholders to reduce the possibility of transactions being undertaken by unauthorised parties.

7. How do I activate my new ATM chip card?

   Please follow the activation instructions indicated on the card mailer or check with your respective banks. Activation channels may vary from banks to banks.

8. How do I use my new ATM chip card?

   Use your new chip card in exactly the same way as your old magnetic stripe card.

9. Can I use my new ATM chip card to withdraw cash overseas?

   With effect from 1 July 2012, banks have deactivated the overseas ATM cash withdrawal function on the ATM card. If you wish to retain the overseas ATM cash withdrawal function, you may request to have the overseas ATM cash withdrawal function activated. Please refer to the FAQs on "Activation/Deactivation of Overseas ATM Cash Withdrawal" in the ABS' website under "Phase II – Payment Card Security".

10. What happens to my current PIN?

    Your current PIN may not change unless otherwise advised by your bank. Please await further instructions from your bank and refer to the information on the card mailer.

11. I have ATM cards with several banks. Will all these cards be replaced with new chip cards as well?

    Yes, all banks will be progressively sending replacement cards to their customers.

12. When will my magnetic stripe ATM card be replaced?

    This depends on your bank's implementation timeline. You are advised to await further details from your bank which will be communicating its specific plan for migrating to the chip card. The entire industry exercise is expected to be completed by end 2014.

13. What can I do to facilitate the chip migration exercise?

    You are advised to provide your bank with your updated contact details if you have not done so.

G) Activation of Magnetic Stripe for Overseas Use

FAQs

1. When will this measure be implemented?

   From 1 October 2013 onwards, most retail banks will deactivate the magnetic stripe on all credit/debit cards for overseas use as part of the industry's efforts to further enhance protection of consumers, merchants and banks against credit/debit card fraud. Customers will be advised by their banks accordingly as a few banks may implement this deactivation at an earlier date

2. Why is the industry implementing this measure?

   The data encoded on the magnetic stripe card is easily read and copied making it easier for a magnetic stripe card to be duplicated for fraudulent use. However, the microprocessor chip on a chip card is protected by cryptographic encryption and virtually eliminates the ability to copy the contents of the chip to another card.

3. What is the impact of this measure on cardholders?

   As EMV chip technology is not adopted yet in some countries, cardholders who wish to travel overseas will need to activate the magnetic stripe. The deactivation of the magnetic stripe will not have an impact on cardholders when they make transactions in Singapore. All transactions in Singapore are already processed via the EMV chip which are embedded now in all credit/debit cards, and all merchants here are equipped with chip readers

4. Which countries do not accept EMV chip?

   Merchants in countries like the UK, Europe, Australia, Taiwan, Hong Kong and Malaysia may or may not accept the EMV chip. Merchants in the US and South Korea are still reliant on the magnetic stripe to process their credit/debit card transactions. In Japan, the EMV chip is only partially implemented.

5. Will customers who travel overseas frequently be exempted from this measure

   Banks may exempt certain customer segments (e.g. those who travel overseas frequently and/or those who reside overseas) from this measure. However, the criteria used to exempt customers may vary from banks to banks

6. How do I know if I am exempted from this measure?

   You will be informed by your bank's communication on whether you are exempted from this measure.

7. How can I activate the magnetic stripe for overseas use?

   You can activate the magnetic stripe using various channels e.g. phonebanking, website, online banking or SMS provided by your bank. Activation channels may vary from banks to banks. Please follow the activation instructions indicated in your bank's communication or check with your bank. To minimise unauthorised transactions, it is advisable to activate the magnetic stripe only if you are travelling overseas.

8. Do I need to deactivate the magnetic stripe upon return from my overseas trip

   Depending on your bank, you may or may not be required to indicate the travel period. If you are required to indicate the travel period, the banks will automatically deactivate the magnetic stripe after the stated travel period. Please refer to FAQ 9 below for manual deactivation of the magnetic stripe.

9. How can I deactivate the magnetic stripe upon return from my overseas trip?

   You can deactivate the magnetic stripe using various channels e.g. phonebanking, website, online banking or SMS provided by your bank. Deactivation channels may vary from banks to banks. Please follow the deactivation instructions indicated in your bank's communication or check with your bank.

10. What if I do not deactivate the magnetic stripe upon return from my overseas trip?

    The risk of unauthorised transactions being effected on your credit/debit card is higher if you do not deactivate the magnetic stripe. To minimise unauthorised transactions, it is advisable to deactivate the magnetic stripe upon return from your overseas trip.

11. What can I do to facilitate the implementation of this measure?

    You are reminded to contact your bank to update your mailing address and mobile number if you have not done so.