ABS releases preliminary findings of the recent credit card fraud in Singapore

Nurdianah Md Nur

Preliminary investigations on the recent credit card fraud in Singapore indicated that there was no breach of systems within the affected banks, according to the Association of Banks in Singapore (ABS).

Just last week, credit card holders of Citibank, DBS Bank, the United Overseas Bank (UOB), and the Oversea-Chinese Banking Corporation (OCBC) Bank reported that they were charged with multiple unauthorised transactions from Taiwan-based merchant Neweb Technologies. In response to this, the affected banks have been "working with credit card associations to investigate this matter," said Ong Ai Boon, director of ABS.

Singapore has always been committed to safeguard the security of online banking and payment card transactions, claimed the ABS. For instance, credits cards issued in the republic since 2011 are EMV-compliant. Cardholders can also secure their online credit card transactions using One Time Passwords, if the service is offered by the merchant.

Instead of solely relying on banks to enhance their security measures, cardholders should take steps to safely shop online, said the ABS. Cardholders are advised to subscribe to SMS alerts in which text messages are sent to their mobile phones if unusual or overseas transactions are made to their accounts. Besides that, cardholders should keep a record of their transactions and review their monthly account statement thoroughly. Payment information should also never be sent via email to prevent the data from being accessed by others.