RM51.3mil in payment card fraud losses reported in 2016

  • Nation
  • Thursday, 03 Aug 2017

THERE were RM51.3mil in payment card fraud losses last year before the implementation of the “pin and pay” system, said Deputy Finance Minister Datuk Othman Aziz.

The fraud cases represented 0.02% of the total 495.4 million payment card transactions recorded last year.

“The total payment card transactions amounted to RM150.8bil last year,” he said when answering a question raised by Datuk Seri Hasan Malek (BN-Kuala Pilah).

Hasan wanted to know how far the “pin and pay” system has been implemented and what has been done to assist visually impaired and senior citizen cardholders.

Othman informed the House that as of June this year, banks and financial institution have issued 23 million payment cards to be PIN-enabled.

“Some 97% cardholders have switched to the new system with point of sale facilities upgraded to handle transactions," he said.

He said most petrol stations have also upgraded their system to handle the transactions.

He added that the visually impaired can use tactile buttons such as those on automated teller machine machines for transactions while senior citizens can contact their banks for alternative authorisation.

From July 1 this year, payment card transactions at point of sale terminals in Malaysia switched to the six-digit Personal Identification Number which also allowed for pay and wave for transactions below RM250.

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