Cessation of Domestic Magnetic Stripe Transactions for Credit Cards
Deactivation of Magnetic Stripe Transactions in Singapore
In order to give our RMB/SGD dual currency credit card (“credit card”) holders greater security and better card protection in Singapore, please note that with effect from 16 December 2012:-
1) the magnetic stripe on your credit card will be deactivated for local transactions. Thereafter, all local transactions can only be made with the EMV chip on your credit card. However, the magnetic stripe on your credit card can still be used for overseas transactions; and
2) overseas cash withdrawal using your credit card from the overseas ATM will be deactivated. If you wish to retain this function in your credit card, please visit our branch at 6 Raffles Quay for activation during our banking hours or call our 24-hour hotline 65-63695588.
Please see below for frequently asked questions.
Deactivation of Magnetic Stripe Transactions - FAQ
On 5th March 2010, The Association of Banks in Singapore announced key measures to adopt a holistic approach to further enhance the security for payment cards, giving cardholders in Singapore greater security and better protection against card fraud. This is in addition to the existing measures whereby banks and card issuers protect cardholders’ interests through robust fraud detection systems that monitor and detect unusual/suspicious card usage.
As cardholders and consumers, it is important to ensure that you provide your bank with your current particulars, such as mobile phone number, email address and mailing address.
The following FAQs explain the rationale and benefits of moving to chip-based payment cards.
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. What is the difference between the magnetic stripe card and 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. Your CUP Dual Currency Credit Card (RMB/SGD) is equipped with both, magnetic stripe and chip.
3. What are the advantages of having the chip in my 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. How do I use a chip card?
Use your chip card in exactly the same way as existing card with the magnetic stripe card. Present your chip card to the merchant sales staff who will insert your chip card into the chip card reader instead of swiping it at the point-of-sale terminal.
5. Can I use the chip card overseas?
Yes. However, in some countries chip cards are not prevalent and not all terminals can accept chip cards. Your card transactions in these countries will revert to using magnetic stripe instead.
6. What happens to my current PIN?
Your current PIN will continue to apply.
7. Will there be any changes to my statement and payment due dates?
No.
8. Are my reward points under the existing card affected in any way?
No. You will continue to earn reward points in the same way as before.
9. Do I need to safeguard my credit card after it is converted to chip card?
Yes. You will still need to safeguard your credit card just like your cash.
Activation / Deactivation of Overseas ATM Cash Withdrawal - FAQ
We are taking additional measures to strengthen the security of your credit card. With effect from 16 December 2012, you will no longer be able to withdraw cash from overseas ATM using the credit card. However, if you wish to retain this function, please activate the same at our branch or call our 24-hour hotline 65-63695588. The following FAQs are for your reference.
1. Why are the banks disabling overseas ATM cash withdrawal?
This is part of the industry-wide measures to reduce the possibility of transactions being undertaken by unauthorised parties.
2. When is this measure implemented?
This measure will be implemented from 16 December 2012.
3.How can I enable overseas ATM cash withdrawal?
You can enable overseas ATM cash withdrawal using your credit card by visiting our branch in 6 Raffles Quay during banking hours (9:30am – 4:30pm). Activation is immediate. However, Saturday, Sundays and Singapore holidays are closed. Alternatively, you can call our 24-hour hotline 65-63695588 to enable overseas ATM cash withdrawal.
4. How safe is it for me to use ATMs overseas?
This will be subject to the security measures put in place for ATMs overseas, which may vary depending on the requirements in the jurisdictions and the practices of the Banks operating the ATMs. As such, the Bank is taking additional measures to enhance the security of ATM transactions, such as by sending transaction alerts for ATM cash withdrawals and deactivating the overseas ATM cash withdrawal function of your credit card. For your added protection, please also take note of the precautionary measures in Question 5 below.
5. What are some of the precautionary measures that I must take when I use my card at the ATM?
Do note the following tips when using an ATM:
(i) Be observant - If something about the ATM does not appear normal, cancel your transaction immediately. Confirm, as soon as possible, with the Bank that the transaction has been cancelled.
(ii) Safety first - Use ATMs in safe locations. If you notice anyone suspicious around you, use an ATM in a different location.
(iii) Keep your PIN confidential - Never share your PIN number with anyone. Cover the hand used to key in your PIN with your other hand. This will reduce the chance of scammers recording your PIN via a hidden camera. Make sure that no one can see you entering your PIN or transaction amount. For added protection, we also encourage you to change the PIN for all your cards regularly.
(iv) Keep tabs - Keep close tabs on your account activities and report any fraudulent or suspicious withdrawals immediately. When an ATM cash withdrawal transaction equal to or exceeding a pre-defined threshold amount is made using your credit card, a transaction alert will be sent to you via SMS or email. Please contact us immediately if the transaction is not authorised by you. Please also make sure that you inform us immediately if there is any change in your particulars.