Oct 17, 2013

    Update your info for new ATM cards

    CARDHOLDERS who own magnetic-stripe ATM cards should update their personal particulars with their banks, especially their mailing addresses.

    This is to ensure timely replacement of their ATM cards, the Association of Banks in Singapore (ABS) said yesterday.

    DBS Bank, United Overseas Bank and OCBC Bank have already begun replacing magnetic-stripe ATM cards with plastic ones that contain an embedded chip.

    ABS said the card-replacement exercise affects all ATM cardholders here and is expected to be completed by the end of next year.

    The magnetic-stripe card can be read and copied easily, making it easier for fraudsters to duplicate it. However, the microprocessor chip on the new cards is protected by cryptographic encryption, and this virtually eliminates the ability to copy the contents of the chip to another card, said ABS.

    The chip technology also provides greater security for all Singapore-based payments, including ATM cash withdrawals and transactions and Nets payments, the association added.

    The chip card also complies with the Monetary Authority of Singapore's standard of data security.

    ABS advised consumers to be patient and wait for their banks to communicate with them on the roll-out timeline for the card-replacement exercise.

    After receiving their new ATM cards, cardholders are advised to activate the cards by following the activation instructions that accompany the cards.

    There are several ways to activate them, such as through Internet banking, at ATMs or at bank branches.

    ABS said cardholders should contact their banks' call centres if they need clarifications on the activation procedures.