Don't forget to activate card for overseas use
ABOUT one in five (21 per cent) are not aware that they will need to activate their credit and debit cards for overseas use from next month, a survey has found.
Among those who are aware of the new security measures, close to one in four (24 per cent) said they do not know how to activate their cards.
The online survey was conducted earlier this month by Visa and The Association of Banks in Singapore.
The survey's results were released yesterday. A total of 327 consumers aged at least 18 years old were polled.
The association announced on July 30 that all 10 card-issuing banks here will be deactivating the magnetic stripe on most credit and debit cards by Tuesday.
Data encoded on the magnetic stripe can be easily read and copied, said the association. This can be exploited by card-skimming syndicates overseas.
Banks My Paper spoke to said they have been informing customers of the changes through a variety of channels such as card statements, notifications on bank websites, direct mailers, e-mail messages, social media and SMS messages.
Still, the survey showed that more than one in three consumers aged between 18 and 34 years old are unaware of the need to activate their cards for overseas use.
The deactivation of the magnetic stripe will not affect transactions which use the card's embedded EMV (Europay, MasterCard and Visa) chip, which is said to be impossible to copy data from.
While all transactions in Singapore are already processed via the EMV chip, that is not true for those overseas. For example, the United States and South Korea still rely on magnetic stripes.
Ms Lydia Low, 27, who travels about four times a year for leisure, said it is "troublesome" that she has to activate one of her credit cards before her next trip in November.
"I use my card overseas only for bigger purchases, or when I'm out of cash. Even so, (I do it) only at reputable stores," said the engineer.