Enhancing Card Usage Security
Key measures to enhance card usage security will require cardholders to update us with their personal particulars and contact information.
Over the next few months, DBS, in compliance with MAS guidelines, will introduce measures that will offer enhanced levels of security on card transactions. These measures will provide every cardholder with greater protection against any potential fraudulent activity. This is in addition to existing measures whereby robust fraud detection systems are used to monitor and detect unusual or suspicious card usage.
These new measures are:
- Replacing magnetic stripe-only cards with chip cards;
- Introducing a first-usage alert for new / replacement cards
- Introducing transaction alerts for purchases, ATM cash withdrawals and NETS transactions exceeding the pre-specified threshold limit; and
- Instituting a one-time password (OTP) for secured e-commerce transactions.
DBS will roll out these measures progressively, starting from May 2010. As these measures require increased contact between the bank and cardholders, we request all our cardholders to provide us with their current contact information – including mobile numbers, email and mailing addresses.
Please click here for answers to Frequently Asked Questions (FAQs).
- Migrating to EMV-chip cards
DBS will progressively replace all magnetic-stripe only credit and debit cards* issued in Singapore with EMV Smart Chip embedded cards beginning May 2010. The replacement process for all DBS Visa and DBS MasterCard debit and credit cards should be completed by 31st December, 2010. All DBS American Express Cards will be converted to EMV smart chip cards by the end of March 2011.
Magnetic-stripe cards use an older technology. The data encoded on their magnetic stripe can be easily read and replicated with a magnetic stripe card reader / encoder, therefore making the card vulnerable to cloning.
Chip cards, on the other hand, offer enhanced security and protection against fraud. The microprocessor chip on the card is protected by cryptographic encryption, and this virtually eliminates the ability to copy contents of the chip to another card. The chip-based card complies with the MAS standards of data security.
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- Introducing first-usage and transaction alerts
We will introduce a SMS Alerts service to trigger:
These alerts will be sent in the form of a SMS to the mobile number in the bank’s records.
- First-usage alerts for new / replacement cards, and
- Transaction alerts for amounts above the pre-specified threshold limit including ATM cash withdrawal and NETS transactions. Initially, a default threshold limit determined by DBS to trigger a transaction alert will be used.
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- Instituting a One-Time Password (OTP) for secured e-commerce transactions
To increase the security of transacting online, cardholders who make secured online transactions using their credit or debit card, with effect from July 2010, will need to enter a one-time password (OTP) before the transaction can be approved. This password will be sent to cardholders via a SMS. This additional security measure applies only to e-commerce websites that support “3-D Secure” authentication protocols such as “Verified By Visa” (VBV) and “SecureCode” (MasterCard).
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