Malaysia switches to PIN code for credit transaction safety
The signature-based system used for credit and debit card payment in Malaysia will be replaced with personal identification number (PIN) verification in a bid to boost security.
Kuala Lumpur (VNA) – The signature-based system used for credit and debit card payment in Malaysia will be replaced with personal identification number (PIN) verification in a bid to boost security.
Signatures will no longer be accepted in transactions at point of sale terminals starting from January 2017, according to Bank Negara – the central bank of Malaysia.
Cardholders across the country are now shifting to PIN usage, with payment terminals upgraded to match the new system.
Experts said using PIN, which makes transactions faster and safer, is a significant improvement in protecting local credit and debit card holders.
The PIN system has been implemented in Europe, Canada, Australia and New Zealand. The US, however, is still using the old signature-verification system.-VNA
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Illustraive image (Photo: thestar.com)
