Your Business Online Pte Ltd

Singapore, CREDIT card issuers have launched measures designed to raise the security of on-line purchases made with credit cards, given the popularity on-line shopping in Singapore.

These measures include sending out SMS notifications and soon, one-time passwords, to their cardholders. This will have to be in effect by the end of next month, the deadline given by financial sector regulator the Monetary Authority of Singapore (MAS).

The spokesmen for three local banks - DBS, UOB and OCBC Bank - as well as for Maybank, Citybank and HSBC, said their password systems will be ready by Sept 30. Standard Chartered launched its system last month.

Source: The Straits Times, August 28 2010, Page A4.