ABM: In response to letter-to-editor on “Contactless concerns” published in The Star on 21 December 2016

December 22, 2016
34We refer to the abovementioned subject matter.

The Association of Banks in Malaysia (ABM) would like to clarify that card issuers may set a maximum amount for each contactless transaction as well as an appropriate cumulative limit for contactless transactions which do not entail any cardholder verification. Debit cardholders can also ask the card issuer to change the maximum amount for contactless transactions or switch off the contactless functionality for their debit cards. Debit cardholders may check with their card issuers on how this can be done.

We would like to remind all cardholders that they are responsible to safeguard their payment cards. It is the cardholder’s responsibility to notify their card issuer as soon as reasonably practicable in the event of loss/stolen or unauthorized use of their payment card.

In the event a payment card is lost or stolen, the card issuer may excuse the cardholder from liability for unauthorized transactions made using the said card. This is provided the card issuer is satisfied that the cardholder has taken all reasonable precautions and diligence to prevent such loss or theft, and notified the card issuer promptly once the loss was discovered.

As Malaysians move towards becoming a cashless society, consumers should opt for innovative payment methods which are convenient, speedy and secured.

For further enquires, members of the public are welcomed to contact us at our ABMConnect hotline by dialing 1-300-88-9980, or through eABMConnect by logging on to our website, www.abm.org.my.
ABMConnect | Toll-free on 1300-88-9980

ABMConnect provides an avenue for consumers to clarify any doubts and verify information on conventional banking issues.