The Association of Banks announced yesterday that from October, - TopicsExpress

The Association of Banks announced yesterday that from October, all 10 card-issuing banks will deactivate the magnetic stripe on all credit and debit cards for overseas use. This means that travellers will have to call the bank to activate the card when before travelling overseas as countries like US and South Korea are still reliant on the magnetic stripe. This move is aimed to make credit card transactions more secure, especially from overseas fraud cases. Frequent travellers or people residing overseas may be exempted from the deactivation, according to the bank’s discretion. Read the full report in The New Paper on Wednesday (July 31). tnp.sg/content/banks-tackle-overseas-fraud

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