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ENHANCING STRATEGIC PARTNERSHIPS IN AN ENVOLVING FINANCIAL LANDSCAPE

Strengthening Cooperation with Industry Partners

Enhancing Payment Card Security

Through robust 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.

In collaboration 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.

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