with Industry Partners
Payment Card Security
fraud detection, prevention mechanisms and other security
countermeasures adopted by banks in Singapore, payment
fraud incidence in Singapore has been very low for
many years. Nonetheless, it is necessary to strengthen
measures to combat payment card fraud.
with financial institutions and card companies, MAS
has initiated an industry-wide campaign to enhance
payment card security through a series of measures.
These include the replacement of magnetic-stripe only
cards with chip cards and the use of dynamic authentication
for cardnot-present payment transactions. Singapore
is one of the first countries in the world to embrace
a comprehensive and holistic approach in strengthening
payment card security throughout the industry.