Date: For Parliament Sitting on 12 February 2026

Name and Constituency of Member of Parliament

Miss Joan Pereira, Tanjong Pagar GRC

Question

Ms Joan Pereira: To ask the Prime Minister and Minister for Finance regarding transactions on credit cards (a) whether the Government will consider requiring banks and card issuers to assume full liability for unauthorised transaction where 3-D Secure (3DS) was not used by the merchant and cardholders promptly reported suspicious activity; and (b) whether the Ministry plans to standardise procedures for cardholder reporting and dispute resolution across financial institutions.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. There are established card scheme rules that protect customers and allow them to dispute a charge and request for their money back through their card issuing bank. Customers who promptly raise disputes with their card issuers will generally not be liable for unauthorised transactions with merchants that do not enable the 3-D Secure (3DS) protocol. Instead, the merchant involved will be liable for the loss.

2. MAS requires financial institutions (FIs) to provide a channel for customers to report unauthorised transactions and have in place a fair dispute resolution process for such transactions. FIs must start investigations promptly and not require the customer to pay the outstanding amount of the disputed transaction and its related charges pending the investigation outcome. Customers who disagree with the outcome of the FI’s investigation may approach the Financial Industry Disputes Resolution Centre for mediation and adjudication. While different FIs may have customer reporting and dispute resolution processes that are tailored to the customer segments they serve, all FIs must meet MAS’ requirements which are aimed at ensuring fair treatment for customers.

3. We remind members of the public to safeguard their card information, set lower limits for card transaction notifications, monitor card transactions regularly, and immediately notify their FIs if they notice any fraudulent transactions.

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