On 4 September 2009, The Association of Banks in Singapore (ABS) announced new measures aimed at providing clarity and giving credit cardmembers more certainty about their credit card liability for unauthorized transactions.
In line with these measures, all credit card issuing banks in Singapore have agreed to revise their Cardmembers Agreement to reflect a new S$100 liability cap before the loss is reported by cardmembers. However, the liability cap is only applicable to cardmembers who had not acted fraudulently or with negligence or had not failed to report the loss of card in a timely manner.
UOB’s current practices, where thorough investigations are conducted to determine responsibility and liability for unauthorized charges, are already aligned with some of the changes announced by ABS. The Bank will also continue to safeguard our cardmembers’ interests through our fraud detection systems and alert our cardmembers to any high risk and suspicious transactions.
The new Cardmembers Agreement will be effective on 1 November 2009.
Here are some answers to frequently asked questions (FAQs) for your reference.