HSBC: More chip cards mean less fraud

HSBC Bank Malaysia Bhd expects to mitigate losses from credit card fraud with the launch of its EMV- (Europay-MasterCard-Visa) compliant chip credit cards, said deputy chairman and chief executive officer Zarir J. Cama.  

“The more chip-enabled cards we have out there, the more we will benefit because there is less chance the credit cards will attract fraud,” he said, adding that credit card fraud had caused local banks to lose between RM80mil and RM100mil per annum.