Card fraud: Banks not doing enough - 0 views
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Customers cannot be faulted for negligence by merchants to verify signatures on credit cards
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Customers cannot be faulted for negligence by merchants to verify signatures on credit cards, or for the banks' failure to implement an effective foolproof secondary security mechanism to protect cardholders.
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Contrast this case in Singapore to other countries like the United States or Malaysia that limits the liability of the consumers of such cases to a specific amount - which policy is better? On another note, I have always been intrigued by the fact that organizations, while being infinitely more powerful, are regarded as individuals with individual rights legally. What does this have to say about the identity of organizations?
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The issue of responsibility was heavily debated and the parties identified are 1. the credit card owners, 2. the banks, 3. the retailers. 4. government bodies e.g. MAS, CASE on their regulations and policies. Which party do you all think should shoulder the moral obligations of owning the technology of cashless payment? How then should this translate to the laws and enforcement?
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The case came to light when a certain Mdm Tan Shock Ling's credit cards got stolen. Within an hour, the fraudsters used her credit cards to chock up bills amounting to $17k. She was only notified of the purchases when a bank called her to confirm if she has just purchased a rolex watch using one of her credit card. The banks requested her to pay back the bills because they will only cover payments made after she has reported the lost of her credit cards. There were a few articles regarding the issue, with Newpaper sending their reporters (Chinese women) out shopping with an Indian man's credit card. Their investigative journalism showed that retailers are generally lax in their verification of the purchaser's identity vis-a-vis the name and signature.