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Jun 13, 2011
Beef up credit card security
TRANSACTIONS involving the physical use of credit cards with merchants continue to be prone to fraud.
Banks must implement a personal identification number (PIN) system for all credit cards, where the customer inserts the card into the terminal, either at the sales counter or at his table in a dining establishment, and validates it with his PIN.
This will not only prevent 'skimming' of cards, but also guard against the fraudulent use of lost or stolen cards.
The current practice of relying on signatures on the backs of credit cards is inadequate, given that sales staff neither have the time nor the capability to verify signatures.
Jairam Amrith
http://www.straitstimes.com/STForum/OnlineStory/STIStory_679110.html
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13Jun2011: Beef up credit card security
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