After a flurry of publicity as a result of a case reported in the newspaper about a woman who was slapped with a $17k liability after the loss of her credit cards, the Association of Banks of Singapore (ABS) recently announced steps to limit cardholders liabilities if their cards were lost or stolen.
This change in stand took a while to take place as the initial responses to the report by the ABS and banks did not hint of any changes to the procedures.
With effect from 1st November 2009, credit card holders will have a maximum liability of $100 if their card was lost or stolen. This is provided the loss is not due to negligence or fraud and is reported promptly.
MAS is also looking at the use of some authentication of online transactions using credit cards.
The positive change in policies meant that we are now finally on par with the practices adopted by other developed countries. Well, better late than later.
Kudos to the Straits Times and our other local press for highlighting the matter.