22-12-2015 12:04 PM
Hello 'True' friends
Effective 1 Jan 2017 all our Malaysia bank issued credit card payments at POS terminal must be authorised with a 6 digit PIN instead of signature. It is an industry-wide change with objective to improve financial security and prevent credit card fraud.
Personally, i am looking forward to trying out this feature eventhough it can be rather cumbersome because for every credit card transaction done at shopping malls requires us to enter our PIN at cashier counter. also there possibility of entered wrong PIN which delays the entire buying process. To me, security appears to be more important.
Any thought to share ?
06-01-2016 04:25 PM
Hi @Alisongoh, apologies for the late reply and I hope you have enjoyed your holidays!
Yes, it is an industry wide requirement that all credit cards in Malaysia will soon implement a PIN feature instead of the standard signature practice for point-of-sale purchases as this will discourage fraud.
AmBank has already completed its first PIN and Pay transaction a few months ago but it will take a few months for all existing AmBank credit cards to migrate from signature to PIN.
@hong_323 I'm so used to using my signature instead of inputing a PIN because I'm paranoid there will be people watching me. However, like you said, security is more important so it's something I'll have to get used to!