Biometrics might become a central part of anti-ATM-fraud efforts in Singapore, but many factors need to be taken into consideration and the final decision has yet to be made, according to recent comments from a senior government in Singapore.
When responding to a question from a Parliament member, Singapore’s Finance minister said the idea has been in discussions recently.
The Monetary Association of Singapore (MAS) has been working with the financial institutions on card security enhancements since 2010 – and one of its objectives is to figure out ways to reduce the risks associated the magnetic strips on ATM cards.
While the Minister did not rule out the possibility, he said a number of security features are already in place for credit and debit cards transactions such as one-time passwords and SMS alerts.
“In deciding which security technology to adopt, ABS has taken into account security, reliability, convenience, costs, ease of use and cross-border interoperability,” he added.
Singapore has adopted EMV in its payment card and POS system but has not yet done the same with ATM.
The Association of Banks in Singapore (ABS) recently announced that banks will adopt EMV standards – a chip card technology – for payment cards used in ATM systems by 2014.
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