FAQs on lost card liability

FAQs on lost card liability

In line with ABS’ guidelines, all credit card issuing banks in Singapore have agreed to revise their Cardmembers Agreement to reflect a new S$100 liability cap.

Find out more.

Frequently asked questions

What is the responsibility of a cardmember?

We strongly urge cardmembers to exercise care and diligence in safeguarding their credit cards as though they are cash. They must immediately notify the Bank via our 24/7 hotline as soon as they are aware that their card(s) or card information have been lost, stolen or compromised.

Cardmembers are also required to co-operate by providing information/documents to assist in any investigation carried out to determine the responsibility and liability of the unauthorized charges.

To learn more on how to safeguard your credit card, please refer to ABS’ Security Tips.

There is no stipulated timeframe as the cardmember is expected to notify the Bank at the earliest opportunity. If he fails to do so, he is deemed to be negligent and will be liable for all unauthorized charges.

The Bank is required to continue to safeguard and protect cardmembers’ interests through robust fraud detection systems to monitor and detect unusual/suspicious card activities. All such transactions will be subjected to review by fraud analysts to contact the affected cardmembers for validation.

Merchants should ensure that their frontline staff perform basic checks on best effort basis such as gender verifications when processing payments.

Under the Merchant Agreement with the Bank, if the merchant believes that the transaction is suspicious in nature, the merchant is required to contact the merchant’s acquiring bank for instructions before completing the transaction.

Cardmembers’ liability for unauthorized charge(s) incurred prior to reporting would be capped at S$100. However, this is subject to the following conditions where a cardmember:
1. has not acted fraudulently
2. was not negligent or
3. has not failed to notify the Bank promptly of his lost or stolen card(s)

He will be fully liable for all unauthorized transactions or his credit card limit (whichever is lower). These would also include any interests and late charges that may be levied on those transactions.

The Bank reserves the right to terminate the card(s) as well as pursue litigation to recover the amount. However, if the culprit is arrested and the goods are recovered or if restitution is made to the Bank, the cardmember’s liability will be waived.

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