Don't wait till last minute: BNM
Published on: Thursday, August 25, 2016
MIRI: Holders of credit or debit cards must start replacing their signature-based cards to the new ones that use PIN (personal identification number) before the anticipated rush as the year-end deadline looms.Bank Negara Malaysia and bank industry players are worried that there will be massive congestion if cardholders wait until the last minute to replace their cards.More than eight million credit cards and 24 million active debit cards need to be replaced under the exercise, the central bank's payment systems policy department director Tan Nyat Chuan told a press conference here.
ADVERTISEMENT
He said cardholders can avoid the mad rush by replacing their cards now.Accompanying him at the roadshow was Association of Banks Malaysia executive director Chuah Mei Lin and National Cards Group chairman B. Ravintharan.Tan said the PIN-based cards have tighter security features, including a microchip that cannot be forged.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
ADVERTISEMENT
The signature-based system will be turned off on July 1 next year.
