Friday, January 6, 2012

Another Singapore financial scam

The recent highlight of over 200 victims who had their debit visa and MasterCard ATM combo cards cloned and misused in Malaysia is just to show that cheap skate Singapore banks just don't listen to the reality of new age fraud and still using backdated technology in the name of saving money.

They just don't get the fact that magnetic technology which is super cheap don't work anymore. Everyone else is using EMV compliant technology, reading cards just off their data stored on the smart chip. I used it more than 10 years back in uk where we found the security loophole and here we are, Singapore stuck with the same old problem. Why?? Because they wanted to save money and still be able to charge you $2 a month for service fees. So what is the ultimate resolution for these faults??

Firstly, scrap all the existing cards. Replace all of them with NETS visa wave and embossed cards. This will deter clones and faults.

Replace all ATM machines with smart technology such as a combo cash recycler and cheque image deposit. Touch screen is pretty useless actually.

Update all the crypto keys with 4096 SHA2 SSL3 technology on all machines. All nets terminal to use wireless payment as mandate. The machines must accept all other card services such as diners club,Amex and Malaysian MEPS bank card as ocbc and uob are member banks there.

Automatic call notification of foreign transactions and especially ATM withdrawals. Locator services can see if customer is outside the country and manual checks done.

Now the customers suffer. Time for you to think if our Singapore banks are up to scratch.

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