PETALING JAYA: Credit card holders will be allowed to set a preferred threshold amount for an SMS alert to be triggered, said the Association of Banks Malaysia (ABM).
Its executive director Chuah Mei Lin said card issuers, who would send out the SMS alert, were mindful that customers should be given the benefit of choice.
“Only if they fail to set their preferred threshold will the transaction alert be based on the default amount set by the card issuer,” she said.
She also assured card holders that there would be no charges to receive nor reply the SMS alert and encouraged them to ensure that their contact numbers were up-to-date.
She said an SMS alert would be sent for transactions made at the point of sale, online purchases, withdrawals or cash advances, and mail and telephone orders.
Chuah was responding to a statement by Bank Negara that transaction alerts via SMS would be issued by Jan 1 next year in a bid to curb credit card fraud.
Card holders could then respond to the SMS and call the bank to cancel or alert police if the transaction was not made by them.
This came about after the arrest of seven postmen by police in connection with the interception of letters containing credit cards.
Chuah said most card issuers used courier services to deliver credit cards.
“All credit card holders are required to call their respective banks in order to activate their cards before transactions can be made,” she said, adding that the SMS alert would supplement existing fraud monitoring systems by card issuers.
National Cards Group chairman Vince Au Yoong said the SMS alerts would be sent out if a transaction amount crossed a set threshold.
“For example, if a customer deviates from his usual spending behaviour that is suspicious to his bank's fraud monitoring system, an alert will be triggered,” he said.
Au Yoong added that lost or stolen cards and online transactions were the two most frequent fraud cases recorded in the industry.
He said the Jan 1 deadline set by Bank Negara was necessary as it would take time to implement the SMS alert system.
Source: The Star Online
15 April 2011
Banks to send SMS queries to curb fraud
KUALA LUMPUR: Banks will issue transaction alerts via short messaging service by Jan 1, 2012 in a bid to curb credit card fraud.
An statement from Bank Negara Malaysia said card holders could respond to the SMS after a transaction was performed.
The statement yesterday said action was promptly taken through a joint effort of credit card issuers and various law enforcement agencies to nab the parties involved following a recent case of fraud involving credit cards.
“Credit card issuers will continuously take the necessary measures in ensuring that the integrity and safety of credit cards are maintained,” the statement said.
It added additional enhancements to security features including SMS alerts would be sent by card issuers for their cardholders after transactions are performed.
This came about after the arrest of seven postmen by the police.
On Tuesday, Kuala Lumpur police deputy chief Datuk Amar Singh Ishar Singh said seven postmen were among 13 people detained by the police in connection with the interception of letters containing credit cards.
“Our investigations revealed that a syndicate used the postmen to intercept credit cards for a fee of between RM50 and RM100 for each successful interception,” he said.
In an immediate reaction, Fomca president Datuk Marimuthu Nadason said action to curb credit card fraud should be taken immediately rather than wait until next year.
“Why wait? Now, even postmen are involved in intercepting new credit cards,” he said.
He added that he was disappointed with credit card companies as they were becoming complacent.
“They must take responsibility in ensuring the security of the credit cards,” he said.
These companies, he said, should also look into sending the new credit cards to the nearest bank branches for consumers to pick them up personally instead of mailing them.
Card holder Vanila Pakirisamy, 32, applauded the move by Bank Negara but said an option should be given to customers if they wanted such a service.
“It will depend on how often and how fast the SMS is sent to us. Some people may think it will be a bother to receive an SMS for every transaction,” she said.
Vanila, a teacher, said cardholders should also take their own precautionary measures.
“They should check their card every time they pay, especially when the card is taken away from them, like in restaurants,” she said.
Another card holder, Dewgem Yen Qai Yin, 26, a magazine editor, said the move was a good one but questioned if consumers would need to pay for these transaction alerts.
“I just hope that before they implement the move, they will do a thorough research on the matter. It is no use using short-cuts without thinking about possible harmful consequences,” she said.
Source: The Star Online
An statement from Bank Negara Malaysia said card holders could respond to the SMS after a transaction was performed.
The statement yesterday said action was promptly taken through a joint effort of credit card issuers and various law enforcement agencies to nab the parties involved following a recent case of fraud involving credit cards.
“Credit card issuers will continuously take the necessary measures in ensuring that the integrity and safety of credit cards are maintained,” the statement said.
It added additional enhancements to security features including SMS alerts would be sent by card issuers for their cardholders after transactions are performed.
This came about after the arrest of seven postmen by the police.
On Tuesday, Kuala Lumpur police deputy chief Datuk Amar Singh Ishar Singh said seven postmen were among 13 people detained by the police in connection with the interception of letters containing credit cards.
“Our investigations revealed that a syndicate used the postmen to intercept credit cards for a fee of between RM50 and RM100 for each successful interception,” he said.
In an immediate reaction, Fomca president Datuk Marimuthu Nadason said action to curb credit card fraud should be taken immediately rather than wait until next year.
“Why wait? Now, even postmen are involved in intercepting new credit cards,” he said.
He added that he was disappointed with credit card companies as they were becoming complacent.
“They must take responsibility in ensuring the security of the credit cards,” he said.
These companies, he said, should also look into sending the new credit cards to the nearest bank branches for consumers to pick them up personally instead of mailing them.
Card holder Vanila Pakirisamy, 32, applauded the move by Bank Negara but said an option should be given to customers if they wanted such a service.
“It will depend on how often and how fast the SMS is sent to us. Some people may think it will be a bother to receive an SMS for every transaction,” she said.
Vanila, a teacher, said cardholders should also take their own precautionary measures.
“They should check their card every time they pay, especially when the card is taken away from them, like in restaurants,” she said.
Another card holder, Dewgem Yen Qai Yin, 26, a magazine editor, said the move was a good one but questioned if consumers would need to pay for these transaction alerts.
“I just hope that before they implement the move, they will do a thorough research on the matter. It is no use using short-cuts without thinking about possible harmful consequences,” she said.
Source: The Star Online
14 April 2011
Seven postmen among 13 held for credit card fraud
KUALA LUMPUR, April 12 —Police have detained 13 people, including seven postmen, in connection with credit card interception and fraud totalling about RM1 million. The suspects, aged between 25 and 40, were arrested at separated locations in the Klang Valley between April 1 and 9. A multi-purpose vehicle, mobile phones and envelopes containing credit cards were seized from the suspects. Three of the suspects are women. Kuala Lumpur police deputy chief Datuk Amar Singh Ishar Singh said the suspects are believed to have been involved in these activities since 2009. “Our investigations revealed that a syndicate used postmen to intercept the credit cards of victims for a fee of between RM50 and RM100 for each successful interception,” said Amar. He said the syndicate would remove the chip from the original credit card and insert it into a fake one. A fake chip would be fixed into the original card before it was returned to the owner by post, he said. The seven postmen have been sacked. Pos Malaysia Bhd chief executive officer and group managing director Datuk Syed Faisal Albar said the company was giving its full co-operation to the police in their investigations.
Source: The Malaysian Insider
Source: The Malaysian Insider
17 January 2011
American Express® Gold Credit Card by Maybank - Things you need to know
I've recently applied for the Maybank American Express Gold Credit Card and here's what you should know if you want to or plan to apply one yourself.
The Card
If you apply now, you will get a temporary card. It was said that the actual card will be available soon and once the actual card is available, Maybank will send it to you.
5X Points for Petrol
You get 5X points when filling up your petrol using your Amex card but make sure that the credit card machine that is embedded into the petrol machine accept Amex card.
For example, I fill up my car at BHP and I can't use my card to pay at the embedded machine. BHP only accept Amex card if you pay at the counter. This is really troublesome and I resorted back to my existing visa card to pay instead.
15% Cash Back Promotion
The 15% cash back promotion is valid from 15 Nov 2010 to 28 Feb 2011. You will need to register before you are eligible for this cash back (see below on how to register). 15% cash back is only applicable if you shop at selected shopping malls (see below on the list of selected shopping mall). The cash back is capped at RM 150 per customer per tracking month. You will only received the cash back four to six weeks after the tracking month ended (so don't worry if it doesn't show in your current bill). More Terms and Conditions can be found here.
To register for the cash back, type
“Cashbackyour 15-digit American Express Card number” and send to 62628.
Selected Shopping Mall
1) Bangsar Shopping Centre
2) Bangsar Village & Bangsar Village II
3) IKANO Power Centre
4) Mid Valley Mega Mall
5) 1 Utama Shopping Centre
6) Pavilion Kuala Lumpur
7) Starhill Gallery
8) Sunway Pyramid
9) Suria KLCC
10) the Curve
11) The Gardens Mall
12) Tropicana City Mall
13) Aeon Tebrau City, Johor
14) Plaza Gurney, Penang
Tracking Month Payout Month
15 - 30 Nov 2010 January 2010
01 - 31 Dec 2010 February 2010
01 - 31 Jan 2010 March 2010
01 - 29 Feb 2010 April 2010
I've spent using this card and I'll update again when I actually received the cash back. Any existing user wants to share their experience are welcome to post comment.
The Card
If you apply now, you will get a temporary card. It was said that the actual card will be available soon and once the actual card is available, Maybank will send it to you.
5X Points for Petrol
You get 5X points when filling up your petrol using your Amex card but make sure that the credit card machine that is embedded into the petrol machine accept Amex card.
For example, I fill up my car at BHP and I can't use my card to pay at the embedded machine. BHP only accept Amex card if you pay at the counter. This is really troublesome and I resorted back to my existing visa card to pay instead.
15% Cash Back Promotion
The 15% cash back promotion is valid from 15 Nov 2010 to 28 Feb 2011. You will need to register before you are eligible for this cash back (see below on how to register). 15% cash back is only applicable if you shop at selected shopping malls (see below on the list of selected shopping mall). The cash back is capped at RM 150 per customer per tracking month. You will only received the cash back four to six weeks after the tracking month ended (so don't worry if it doesn't show in your current bill). More Terms and Conditions can be found here.
To register for the cash back, type
“Cashback
Selected Shopping Mall
1) Bangsar Shopping Centre
2) Bangsar Village & Bangsar Village II
3) IKANO Power Centre
4) Mid Valley Mega Mall
5) 1 Utama Shopping Centre
6) Pavilion Kuala Lumpur
7) Starhill Gallery
8) Sunway Pyramid
9) Suria KLCC
10) the Curve
11) The Gardens Mall
12) Tropicana City Mall
13) Aeon Tebrau City, Johor
14) Plaza Gurney, Penang
Tracking Month Payout Month
15 - 30 Nov 2010 January 2010
01 - 31 Dec 2010 February 2010
01 - 31 Jan 2010 March 2010
01 - 29 Feb 2010 April 2010
I've spent using this card and I'll update again when I actually received the cash back. Any existing user wants to share their experience are welcome to post comment.
02 December 2010
American Express® Gold Credit Card by Maybank
Card Benefits
- Low finance charge of only 9% p.a if you pay your minimum payment on time every month (Sample Savings Calculation)
- Earn 5x Reward Points for each Ringgit spent on groceries, petrol, Cathay Cineplexes, bookstores (KinComplimentary Supplemokuniya, Borders, MPH, Times) and telco charges via Express Autopay (Celcom, Digi, Maxis, Telekom)
- Earn 2x Reward Points for every Ringgit spent on other expenses
- Lifetime Fee Waiver
- Complimentary Supplementary Card (The RM 25 Service Tax still apply)
- 20 days interest free for retail purchases from the date of your monthly billing statement
- Balance Transfer
- 24/7 online account access
- Emergency card replacement within 24 hours (Within Malaysia) and 48 Hours (Outside Malaysia)
- Access to global assistance
Membership Rewards
- Reward Points that never expires so that you do not lose your points
- Pay your bill with your Reward Points where you can redeem 200 points for RM 1 to pay off your credit card bill (That's 1% to 2.5% rebate). Click here for more details on how to redeem your points
iPhone App
- There's also an iPhone app that enables you to have access of all the local Cardmember offers through your iPhone
- Click here to find out more and to download the app.
Eligibility
- Malaysian and Expatriates with minimum annual income of RM 30,000
- Principal cardholders must be within 21 to 65 years old
- Supplementary cardholders must be 18 years old and above
Other Seasonal Offers (not necessarily offered in the future)
- 15% Cash Back for a specific period of time
If you are interested to apply for this card, you can head to Maybank's website and download their application form. The documents needed for the application are also available in their websites. Another issue that you need to know is that starting from February 2011, all hardcopy/printed statement will be charged RM 2. However, you can choose to received eStatement which is free of charge. Go Green :)
Subscribe to:
Posts (Atom)