Safety Tips to stay away from credit/debit card fraud

Numbers of people suffered from credit card fraud recently. To help people stay away from this, I summarised some safety tips:

(1) Disable overseas card usage

The first and the most important tips is only activating the overseas card usage when necessary (e.g. 1 day before travel)
and disable it when you back.

Effective from Oct 1, 2013, major Singapore banks disabled the magnetic stripe for overseas usage. The following functionalities wille be disabled:
- overseas ATM cash withdrawals
- overseas POS magnetic stripe transactions
While POS EMV chip transactions on your credit card(s) are not affected.

The following are related bank links on how to activate / deactivate magnetic stripe for overseas Usage:
DBS: Magnetic Stripe Overseas Use
OCBC: FAQs on Magnetic Stripe deactivation
UOB: Enable your Card(s) for Overseas Card Use
Maybank: Deactivation of Credit/Debit Card Magnetic Stripe for Overseas Usage
Citibank: Overseas Usage
SCB: Overseas Card Usage
ANZ: Credit card security
HSBC: Card Security Enhancements
CIMB: Magnetic Stripe Activation
Amex: Visit https://www.americanexpress.com/sg/, scroll to bottom, and click “Overseas Magnetic Stripe Usage” under important links (Login required)

(2) Avoid to use debit card for overseas/online payment

If you have credit card or prepaid card, try to use them instead of debit card.
Why credit card instead of debit card?
Because a transaction will become “pending transaction” at the first place. And based on real cases, it will be much harder to cancel a pending transaction for debit card than credit card.

Why prepaid card instead of debit card?
Because prepaid card usually has a very small limit (e.g. S$1000), you won’t lose so much even you are impacted by card fraud.

(3) Set transaction limit

You need to login to online banking and find the related settings.

(4) Activate SMS alert

You need to login to online banking and find the related settings.

(5) How to do after credit/debit card fraud?

Credit Card: Once you received the alert SMS, call bank immediately, cancel pending transaction, and stop current card & ask for replacement.
Debit Card: Once you received the alert SMS, call bank immediately, stop current card and ask for replacement, and talk to them to get fraud money back (It will be possible but case by case.)