Seeing how easy it is to just “Wave” your credit and debit cards at shopping malls and stores has made MYWEE of Kuala Lumpur wonder what will happen if his card goes missing or stolen.
“The thieves could have just waved my card and the purchases are confirmed. Last time, it would make it difficult for thieves to copy my signature. But the new system seems to have made it easy for them,” he says.
Mywee says he prefers the signature or the pin number system although “someone behind me could peek at my pin number”.
“I have asked the cashiers if I could sign for the purchase but was told it is not possible. I have been paying cash since then.
“I waited for two hours to get my new card and now I am saddled with a new problem,” says Mywee.
ACTIONLINE:
Debit cardholders can ask their respective banks to change the maximum amount for contactless transactions or switch off the function, says the Association of Banks in Malaysia.
It says banks may set a maximum amount for each contactless transaction as well as a cumulative limit for contactless transactions which do not entail cardholder’s verification.
“Debit cardholders may check with their card issuers on how this can be done,” it says.
In the event a card is lost or stolen, the bank may excuse the cardholder from liability for unauthorised transactions if it is satisfied that the cardholder has taken all reasonable precautions to prevent such loss or theft.
It reminds cardholders to be responsible in safeguarding their cards.
“It is the cardholder’s responsibility to notify the respective banks in the event of lost/stolen or unauthorised use of their cards,” it adds.
Meanwhile, a Bank Negara Malaysia spokesman advises cardholders to immediately notify the bank when a card is stolen or lost.
“Cardholders can set a limit for such contactless transaction,” says the spokesman.