On 4 September 2009, the Association of Banks in Singapore (ABS) announced new measures to limit credit cardholders' liability. This will take effect from 1 November 2009. Click here to view ABS' press statement.
Notwithstanding, taking care of your credit cards remains essential to protect yourself against credit card fraud. Even after banks introduce a cap on cardholders’ liability with effect from 1 November 2009, you will need to continue to safeguard your credit cards. The banks can still hold you liable for unauthorised transactions charged to your card if you have acted fraudulently, with gross negligence or failed to notify the card issuer as soon as you become aware that your card has been lost or stolen.
To raise awareness on the importance of safeguarding your credit cards, MoneySENSE, ABS and the Consumer Association of Singapore (CASE) has embarked on a two-week radio campaign starting from 16 Sep 2009 on 90.5FM and 97.2FM. If you missed them, you can access them here.
