Kuala Lumpur, Friday, 5 April 2019 – With regard to recent news about reliability of point-of-sale (POS) devices at merchants, the payment card industry would like to clarify that there are established practices in place to protect against potential fraud.
The various stakeholders, including the banks and card schemes, are collaborating to keep payments secure and prevent fraud. The Association of Banks in Malaysia would like to highlight that all stakeholders in the commerce ecosystem, which comprise the card schemes, banks, consumers, merchants, policymakers and law enforcement agencies, have a shared responsibility to secure the commerce ecosystem and to maintain trust and confidence in the usage of digital payments. In this regard, among the steps that have been taken by the banks and card schemes are as follows:-
As technology advances and fraud moves to the weakest point in the payments ecosystem, the payment card industry has ensured that investments in innovations to maintain security have kept pace. This has kept fraud rates low, despite significant growth in electronic payments volume.
Collectively, the banks and card schemes remain vigilant to new threats and are continuously working with all stakeholders to secure the payments ecosystem.