The DBS Group has unveiled an awareness campaign to encourage its cardholders under its DBS and POSB bank brands in Singapore to upgrade their magnetic stripe-based cards to chip cards.
Through the "Great Singapore ATM Card Upgrade" campaign, the banking group aims to raise awareness on the safety aspects of chip cards and entice cardholders who choose to upgrade to more secure chip cards earlier with a lucky draw.
"As the leading bank in Singapore, we have continuously stepped up on our security measures and systems to protect our customers against fraud. We see it as our role to also educate our customers on the latest technology available to them," said Anthony Seow, Head of Cards & Unsecured Loans, DBS Bank Singapore.
"With the industry moving towards the adoption of chip technology, it is important for customers to prepare themselves and upgrade to chip cards earlier so as to enjoy peace of mind," added Seow.
In May this year, the Association of Banks in Singapore (ABS) announced that retail banks in Singapore replace their customers' magnetic stripe ATM cards with new plastic that contains an embedded chip to better safeguard against fraud. The move affects all ATM cardholders in Singapore. The entire industry exercise is expected to be completed by end 2014.
All of the bank's point-of-sale terminals have already been upgraded to accept chip cards and by the fourth quarter of this year, all ATMS under DBS and POSB will also be fully upgraded to read chip cards for all transactions.
Under the "Great Singapore ATM Card Upgrade" initiative, POSB said it will be giving away a total of S$1.2 million (US$0.94 million) worth of cash prizes to reward cardholders who upgrade to chip cards.
"Over the years, being neighbours first and bankers second, POSB prides itself on giving back to the community. Through this campaign, we hope to raise awareness among our 4.5 million customers on the enhanced benefits they will get to enjoy when they upgrade to chip cards," said Derrick Goh, Head of POSB.
Starting from September 2013 to December 2014, the bank will give 100 DBS/POSB cardholders who upgrade to chip cards an opportunity to win S$1,000 each, every two months. This leads to a grand draw in January 2015 where one lucky upgrader will win S$500,000.
DBS and POSB customers holding existing magnetic stripe ATM cards can simply upgrade to a DBS Visa debit card and POSB GO! debit MasterCard, or link their current/savings accounts to their DBS or POSB credit cards. Cardholders can upgrade via iBanking or at any DBS or POSB branch.
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