Updated: 05/08/2013 21:28

Banks to roll out chip-embedded ATM cards

Banks to roll out chip-embedded ATM cards

Banks in Singapore will start replacing their customers' ATM cards this month to ones with embedded chips to better guard against fraud.

The Association of Banks in Singapore, ABS, current ATM cards use magnetic strips which can be easily read and copied.

It says the move will affect all ATM cardholders in Singapore.

The entire industry exercise is expected to be completed by the end of next year.

The banks have different roll-out timelines for the chip migration exercise and will be engaging their cardholders at different times.

For example, DBS will start their migration exercise from May, OCBC from August and UOB from October.

The ATM card migration exercise is part of a slew of payment card security measures first announced by ABS in January last year.

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