Citibank Singapore has unveiled a
number of new features on its card and payments portfolio in
response to a local industry-wide initiative to enhance card
payments and ATM security.
Citibank Singapore is going to
enable instant de-activation and re-activation of credit cards and
allow card holders to set a certain time in which they can use
their debit and bank cards abroad as of 1 July.
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The re-/de-activation of credit
cards will work via SMS, on the bank’s online banking portal and
via phone-banking, and at a branch.
The industry-wide initiative to
enhance card payment and ATM security comes half a year after
customers of Singapore-based POSB Bank became victims of account
fraud.
More than SGD1m (USD779,202) were
withdrawn from POSB customers’ accounts, which made the
Association of Banks in Singapore and its members call for tighter
security, such as inhibiting the use of debit cards abroad unless
the customer has specifically requested to use it outside of
Singapore.
The cards industry in Singapore is
also going to migrate to EMV technology, although an exact deadline
has not been revealed yet.
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By GlobalData
