Added security to prevent credit card fraud

Petrol, diesel, LNG, LPG, NGV, fuel consumption, petrol & diesel price, petrol & diesel subsidy, rebate and etc etc

Added security to prevent credit card fraud

Postby admin » Wed Jan 07, 2009 2:34 am

PETALING JAYA: The National Consumer Complaints Centre (NCCC) is proposing that credit card purchases of fuel at the pump be authenticated by the cardholder keying in a personal identification number (PIN) or password.

“There should be more security for consumers who use their credit cards to buy fuel,” the centre’s chief executive Muhammad Sha’ani Abdullah told a press conference here yesterday.

He said cases relating to lost credit cards and fraud increased from 809 in 2007 to over 1,000 last year, and most misuse took place at petrol stations.

“This is because the current system only requires the user to swipe the card,” he said. The NCCC will send its proposal to Bank Negara Malaysia this week, added Muhammad Sha’ani, who is also Fomca secretary-general.

He lamented that not all credit card issuers had a flagging system to alert users when irregular transactions were made.

“Some banks could not care less when irregular transactions occur, such as a credit card being used many times at the same premises on the same day,” he said, adding that these banks left the responsibility to the cardholder.

Read the full article:
http://thestar.com.my/news/story.asp?fi ... sec=nation
admin
Informer
 
Posts: 3811
Joined: Thu Jan 01, 1970 12:00 am
Location: Kuala Lumpur

Passwords to stop credit-card abuse

Postby admin » Wed Jan 07, 2009 2:34 am

PETALING JAYA: There is an urgent need to impose tighter security measures when credit cards are used at petrol stations.
The National Consumer Complaints Centre revealed that lost credit cards had been used for purchase of petrol.

The centre received at least 1,000 complaints of lost credit cards being used at petrol stations last year. In 2007, the centre received 809 complaints.

To combat this, NCCC chief executive Muhammad Sha'ani Abdullah has suggested the use of a password when using credit cards at such outlets.

"We have to make it difficult for the culprits to use stolen credit cards. Now it is easy since they only need to swipe the card at the petrol pumps without any authentication," he said yesterday.
Also present were Consumer Research and Resource Centre chief executive Paul Selva Raj and Fomca deputy CEO Siti Rahayu Zakaria.

"The use of a password could protect card holders when they make online and phone transactions."

NCCC also proposed the use of Transaction Authorisation Code (TAC), which is a unique code that is a compulsory requirement for transactions.

The TAC will provide a second level of authentication as a security check before performing specific transactions.

Sha'ani said the TAC could be sent to one's mobile phone, adding that several banks had started using this system.

Banks must equip themselves with state-of-the-art security systems which could flag any suspicious credit-card transactions.

"Financial institutions which had failed to do so should not be given the facility to issue credit cards," he said.

"Bank Negara must also institute guidelines on the recruitment of credit-card users and must prohibit third parties from getting involved in credit- card recruitment other than licensed banks."

Read the full article:
http://www.nst.com.my/Current_News/NST/ ... index_html
admin
Informer
 
Posts: 3811
Joined: Thu Jan 01, 1970 12:00 am
Location: Kuala Lumpur


Return to Petrol & Diesel Price, Rebate & Subsidy

Who is online

Users browsing this forum: No registered users and 0 guests

  • Lazada Malaysia Lazada Malaysia Lazada Malaysia Lazada Malaysia