Association of Banks stresses commitment to safeguard online transaction safety
Published on Feb 16, 2014 8:37 PM
The security of online transactions will be safeguarded so that cardholders in Singapore can carry out these activities securely, the Association of Banks in Singapore (ABS) said.
In a statement on Sunday, the ABS stressed its commitment to safeguarding the interests of consumers who use online banking and payment card transactions.
"Banks in Singapore have made significant investments to implement these measures," it read.
This includes the use of One Time Passwords (OTP) and the roll-out of credit cards containing EMV (Eurocard, Mastercard and Visa) chips, which store data in an encrypted form that makes them harder to break into. ABS added that banks will "continue to review and adopt newer technologies appropriately as they become available".
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