Safer chip-based cards to replace ATM cards

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Singapore's largest bank DBS is embarking on a drive to encourage its cardholders to upgrade their existing magnetic stripe ATM cards to chip cards. This is to meet the industry deadline for conversion to chip cards by the end of 2014.

Customers can opt to change their existing magnetic stripe ATM card to a chip-based debit card or credit card linked to their DBS or POSB banking accounts.

To encourage customers to do so earlier, the bank will conduct lucky draws to give away a total of S$1.2 million worth of cash prizes.

By the fourth quarter of this year, all DBS/POSB ATMs will also be able to read chip cards for all transactions.

Other Singapore-based banks said they will be mailing the chip-enabled ATM cards directly to their customers.

HSBC said customers can expect to receive their new chip-enabled ATM cards by the end of this year, while Citibank said it aims to complete its re-carding exercise by March 2014.

UOB, OCBC and Standard Chartered will start the card replacement exercise from next month.