Mllcg 3rd Gear July 29, 2013 Share July 29, 2013 SINGAPORE: There is an industry wide move by banks in Singapore to disable magnetic stripe on all credit and debit cards. This means those cards can no longer be used for overseas retail purchases outside of Singapore. The move is believed to be led by the Association of Banks in Singapore (ABS). However when contacted, an ABS spokesperson declined comment and said it will make an announcement on July 30. In response to queries from Channel NewsAsia, some banks said they are ready to join the industry in the move. HSBC said it plans to implement the disabling of the magnetic strips within the month of August. HSBC added that it will exempt customers and auto-enrol their credit and debit cards for overseas use if, according to its records, they have a history of overseas use of their cards, or have an overseas address, so that they can enjoy greater convenience without the need to enrol their cards each time they travel. Meanwhile, DBS said the magnetic stripe on all DBS and POSB cards will be disabled for overseas use starting September 22, 2013. DBS added that this is part of its continuous efforts to enhance card security. Customers can allow or disallow overseas magnetic stripe transactions for both overseas ATMs and point-of-sale terminals at any DBS/POSB ATM and branch or internet banking. - CNA/fa http://www.channelnewsasia.com/news/singap...ble/760010.html DAFUQ?! ↡ Advertisement Link to post Share on other sites More sharing options...
LoverofCar 6th Gear July 29, 2013 Share July 29, 2013 (edited) Meaning only card with chip on card can be used oversea? Edited July 29, 2013 by LoverofCar Link to post Share on other sites More sharing options...
Mllcg 3rd Gear July 29, 2013 Author Share July 29, 2013 Meaning only card with chip on card can be used oversea? not many places overseas accept chip Link to post Share on other sites More sharing options...
Duckduck Turbocharged July 29, 2013 Share July 29, 2013 hahahah so now must login to websites whenever travelling overseas? kns might as well get overseas card then. Link to post Share on other sites More sharing options...
Vid Hypersonic July 29, 2013 Share July 29, 2013 not many places overseas accept chip Oh no Link to post Share on other sites More sharing options...
LoverofCar 6th Gear July 29, 2013 Share July 29, 2013 not many places overseas accept chip So what's now? We become Myanmar? Go oversea.. cannot use card? Must bring gold bar and US dollar? Link to post Share on other sites More sharing options...
Mllcg 3rd Gear July 29, 2013 Author Share July 29, 2013 So what's now? We become Myanmar? Go oversea.. cannot use card? Must bring gold bar and US dollar? cash lor... in japan, only the major shops/shopping centers accept card. the rest mostly done in cash. Link to post Share on other sites More sharing options...
Staff69 Hypersonic July 29, 2013 Share July 29, 2013 Carry rolex lor.....not enough pawn the rolex and get cash Link to post Share on other sites More sharing options...
Nightkids 6th Gear July 29, 2013 Share July 29, 2013 CASH IS KING........ Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic July 29, 2013 Share July 29, 2013 Can still use the 'mag strip' but have to inform the bank to activate the card for the number of days when you oversea ... Link to post Share on other sites More sharing options...
RadX Moderator July 29, 2013 Share July 29, 2013 Like ns reporting Link to post Share on other sites More sharing options...
Myxilplix Turbocharged July 30, 2013 Share July 30, 2013 Simi lj is this shiat? Link to post Share on other sites More sharing options...
JackRabbit 3rd Gear July 30, 2013 Share July 30, 2013 1 step forward, 4 steps backward.... Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic July 30, 2013 Share July 30, 2013 Simi lj is this shiat? errrrrrrr............ you don't own any credit card ... Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic July 30, 2013 Share July 30, 2013 1 step forward, 4 steps backward.... I don't blame the bank as this measures are to keep checks on our credit cards. When one get his credit card clone and used oversea where you even has not visited that place, you will be and also at the banks or credit card companies... Link to post Share on other sites More sharing options...
Watwheels Supersonic July 30, 2013 Share July 30, 2013 I have a debit card which I also use it as an ATM card(coz I do not want to have too many cards in my wallet). By disabling the magnetic strip means make my life difficult mah. Unless they modify all of their ATM machines to accept chip. Might as well close my account and take out all my money from the bank. Like some one said, cash is king. Link to post Share on other sites More sharing options...
Duckduck Turbocharged July 30, 2013 Share July 30, 2013 Soon the chip will also b hacked, then wat? Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic July 30, 2013 Share July 30, 2013 Soon the chip will also b hacked, then wat? Chip inplant into your thumb ...... Wants to draw cash, place your thumb on the ATM machine to verify ... ↡ Advertisement Link to post Share on other sites More sharing options...
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