Not all cards' magnetic stripes to be deactivated
Some banks to exempt frequent travellers and those residing abroad
Several banks will not deactivate the magnetic stripes on local credit and debit cards that have been used overseas at least once in the past year.
But it is understood that the new rule to reduce fraud, which consumers have criticised for its inconvenience, will still hit most users here.
Mrs Ong-Ang Ai Boon, director of the Association of Banks (ABS), which imposed the new policy requiring users to "activate" the magnetic stripes on their cards for overseas use, yesterday said banks may exempt frequent travellers and those who are residing overseas.
Out of the 10 card-issuing banks here, five, including Maybank, will not deactivate local cards that were used overseas at least once in the past year.