Bank Negara: Electronic pick-pocketing rumours untrue


He uses his credit card frequently and borrows from online platforms to fund his shopping habits

PETALING JAYA: Bank Negara has rubbished an article by a local daily and a viral post on social media claiming that contactless cards are vulnerable to electronic pick-pocketing.

The central bank said that although card numbers and expiry dates could be obtained by a person using a scanner, such information was insufficient in order to clone a card as contactless cards in Malaysia have embedded EMV (Europay, MasterCard, Visa) chips with advanced cryptographic security.

It said in a statement on Wednesday that this security feature means that a dynamic code is generated for every transaction.

"This renders contactless cards almost impossible to clone or counterfeit. All payment cards in Malaysia have adopted the EMV chip card technology since 2005. To date, there are no cases of cloned EMV chip cards being reported," said Bank Negara.

It added that Malaysia also adopts a stronger authentication method for online card transactions which requires cardholders to enter a transaction authorisation code (TAC) that is sent to their mobile phones.

Bank Negara added that Malaysians are also protected if their card details are misused to conduct transactions internationally on websites that do not have stronger authentication methods.

It said this is because Malaysian cardholders are protected by liability shift rules introduced by international card networks, which require overseas merchants to bear the liability of any fraudulent transaction.

Bank Negara also advised cardholders to safeguard payment cards and PINs (personal identification number) at all times and to notify their issuing bank immediately if a card is lost or stolen. if their PIN has been compromised or if they notice any unauthorised transactions made using their cards.


 

 

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