Monetary Auth of Singapore Add a 6 digit PIN to a credit card
For a long time, I have been worried about the use of credit card. It seemed that any body can quote the credit card number, expiry date and CVV to get a transaction through. All the information, including the CVV, appears on the card.

I asked why does the bank not ask the customer to provide a 6 digit PIN for the credit card, just like it is used for the ATM card?

Here is the answer.

To implement added security, my bank send a OTP by SMS for every transaction. Sometimes, the SMS does not appear, especially if I am overseas. It is also quite troublesome to receive and enter the OTP.

An expert told me that a fixed PIN can be stolen by a hacker. So, an OTP by SMS is safer.

I agree. But some credit cards do not ask for the SMS OTP (either to save cost or to avoid the inconvenience). 

So, it is better to use a fixed 6 digit PIN submitted by the customer. It may not be 100% safe, but it is better than having no PIN at all!

My friends told me that this credit card PIN is already implement in Malaysia, Canada and Thailand.

If this is the case, why is Singapore so backward? The PIN may not be 100% secure, but it is better than NO PIN.

MAS - I hope you are listening.

Tan Kin Lian

Vote - should we have a 6 digit PIN recorded on our credit card?


 

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