Citibank revamps credit card and ATM security measures

All new cards will be sent out deactivated from 1 July 2012, and on-demand deactivation and reactivation option for its credit cards will now be allowed.

According to a release, Customers are now empowered to personalise their security preferences for ATM, debit and credit card payments in Singapore with the introduction of a series of enhanced security measures by Citibank Singapore Limited. The new security measures, which are effective today, make Citibank’s cards one of the most secure in the industry. This comes as consumer and industry demand for enhanced card security in Singapore continues to grow.

Citibank’s new market-leading card security measures include the following:

• For the first time in Singapore, customers will have the flexibility to customise their card security preferences on demand by “switching on” or “switching off” their credit cards at any time for maximum card security;
• Activation and deactivation can be done instantly and conveniently at any time of the day via the widest range of channels, including on-demand SMS, internet banking, self-service phone banking, CitiPhone hotline and other touchpoints including branches;
• Customers will need to activate overseas ATM access and point-of-sale transactions for debit and ATM cards;
• Credit card and Ready Credit customers can also opt to have overseas usage deactivated for point-of-sale transactions and ATM access;
• Customers have the additional flexibility to choose either time-bound or perpetual activation for overseas usage;
• Customers will need to activate all new ATM, debit and credit cards which will be sent out deactivated from 1 July 2012.

Mr. Han Kwee Juan, Chief Executive Officer of Citibank Singapore Limited said: “Protecting our customer accounts and information has always been a top priority. With the increasing interest and demand for greater security in ATM and card payment infrastructure in Singapore, we are pleased to introduce market-first security enhancements that put the power of control and choice in the hands of the customer.

Citibank’s new security enhancements exceed the industry’s requirements for a stronger ATM and card payment infrastructure, which all banks have to implement by 30 June.

Prior to the enhancements announced today, Citibank already had several measures in place to safeguard transactions made by its ATM, debit and credit cards. These include SMS and email alerts service called Citi Alerts where customers get transaction alerts for their credit cards or banking accounts, including first-usage, cheque, GIRO, cashwithdrawal and online payment transactions. Customers have the flexibility to customise the threshold  for each alert. Citi Alerts was launched more than two years ago.

In addition, empowering customers to personalise their security preferences is part of the bank’s strategy to be the premier digital bank, demonstrating our ongoing commitment to enhancing the banking experience of our customers. This comes on the back of Singapore’s first instant online installment loans; the Citibank Clear Platinum Card, Singapore’s first credit card to integrate social networking as a key core feature; the first 24-hour online e-Chat service, as well as the enhanced Citibank Electronic Statements, Citibank Online and Citi Mobile platforms.