Shift To PIN-based Cards Almost Complete

Shift To PIN-based Cards Almost Complete

All credit cards issued locally have been replaced with those requiring personal identification numbers (PIN), said Bank Negara Malaysia.

The central bank said 96.1% of debt cards have been replaced while 99.8% of point-of-sale terminals have been upgraded ahead of the July 1 deadline when signature authorisations would no longer be accepted.

No extension would be granted, it added.

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Malaysians are advised to contact their issuing banks if they have not replaced their cards with nearly 40 days left.

The migration from signature to PIN is a part of a worldwide shift that has been implemented in Europe, Canada, Australia and New Zealand. The Middle East is also making a similar move.

It is believed that the PIN verification would be more effective in preventing unauthorised use when a card is stolen or lost.

[Source]

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