ABM's Press Statement on customer’s maximum liability of RM250 for unauthorized transactions in case of lost or stolen credit card

June 11th, 2009 - The Association of Banks in Malaysia (ABM) would like to affirm that in line with the objectives of protecting the interest of the consumers and fostering greater confidence in the banking sector, guidelines have long been in place to provide that the card holder’s maximum liability for unauthorized transactions as a consequence of a lost or stolen credit card shall be confined to a limit specified by the bank issuing the credit card, which shall not exceed RM250. This limit applies only in the event the cardholder has not acted fraudulently or has not failed to inform the bank as soon as reasonably practicable after having found out his or her credit card was lost or stolen.

To the best of ABM’s knowledge, these guidelines have been adhered to and banks have acted reasonably and fairly (and will continue to do so) in all circumstances where it was established that the cardholder was an unfortunate victim and there was no contributory negligence on his or her part. In many instances, however, investigations have revealed that the cardholder had failed to take proper care or that the cardholder did not take prompt action after the loss or theft of the credit card was discovered. ABM will be happy to assist with any queries if any.

Chuah Mei Lin
Executive Director
The Association of Banks in Malaysia

About The Association of Banks in Malaysia

The Association of Banks in Malaysia was formed in November 1973 with the primary objective of establishing and promoting a sound banking system in Malaysia in cooperation and consultation with Bank Negara Malaysia. Its members comprise the 22 commercial banks that currently operate in Malaysia.

ABM aims to facilitate, and create a conducive banking environment while promoting orderliness, and ethical banking practices. ABM also pursues wide-ranging issues to assist the industry in its efforts to remain competitive. Policies affecting banking infrastructure, interest rates and clearing system, as well as areas on consumer education, risk management, and human resource development are part of the ABM platform. Member banks’ contributions to socio-economic planning and development of the country are some of the issues that form ABM’s agenda. The public can also call a toll-free service called

ABMConnect at 1-300-88-9980 for information on banking issues in the country. For more information, visit www.abm.org.my.

List of Banks’ Dedicated Lines for Customer Services

Affin Bank Bhd	1-800-88-3883
Alliance Bank Malaysia Bhd	03 – 5516 9988
AmBank (M) Bhd	1-300-80-8888
CIMB Bank Bhd	1-300-88-0900
Citibank Bhd	03 – 2383 0000
EON Bank Bhd	03 – 2616 1133
Hong Leong Bank Bhd	03 – 7626 8899
HSBC Bank (M) Bhd	1-300-88-1388
Maybank	1-300-88-6688
OCBC Bank (M) Bhd	1-300-88-5000
Public Bank Bhd	1-800-88-3318
RHB Bank Bhd	1-800-88-4663
Standard Chartered Bank Malaysia Bhd	1-300-88-8888
United Overseas Bank (M) Bhd	03 – 2612 8121

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