This is a positive development in improving the security of credit card usage in Malaysia but it’s still a lot away from implementation:
Bank Negara Malaysia will implement SMS alerts for credit card transactions by Jan 1, 2012, in a bid to curb fraud.
A BNM official said card holders may respond to the SMS after the transaction was performed.
“If the transaction is not made by them, they can call the bank to cancel it and alert the police,” she said Wednesday.
She said this would be followed by the implementation of the personal identification number verification for all card transactions from Jan 1, 2015 onwards.
BNM and banks in the country would continue to improve the security of the credit card, she said.
“The main issue is to enhance security of the credit cards and not the mechanism of delivering them,” she said, when asked on steps taken by BNM to curb rising credit card fraud, including the arrest of seven postmen by the police recently.
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