The Monetary Authority of Singapore, the nation's central bank, said it will take no additional steps to limit liability for credit cardholders who report lost or stolen cards.
The announcement last week came after the Association of Banks in Singapore said its members generally will hold customers responsible for only $70 in spending on lost or stolen cards. Those rules are scheduled to take effect Nov. 1.
"The new measures complement current practice where banks have in place fraud-detection systems to alert cardholders of suspicious or high-risk transactions," an official from the central bank wrote in a response to an inquiry from a member of Singapore's parliament. "At this time," the Monetary Authority "does not consider there is a need to implement regulations in this area."
The Monetary Authority also might establish "dynamic" authentication for card-not-present transactions. That would let consumers authenticate themselves with one-time passwords and chip cards, the official added.
