Consumer groups in Malaysia want the maximum liability limit imposed on credit cardholders for unauthorized transactions caused by lost or stolen cards to be lowered or even scrapped, according to a report in the local newspaper The Star. The limit of 250 ringgits (US$74 or 50 euros) was established in June 2004, according to the Association of Banks in Malaysia. This limit applies when the cardholder has not acted fraudulently or has quickly informed the issuer about a lost or stolen card. The National Consumer Complaints Centre says issuers should reduce the limit because banks often fail to inform cardholders of their liability for transactions on lost or stolen cards. Another group voiced a similar concern. "We want the liability to be reduced to between 50 and 100 ringgits," a spokesperson for the Consumer Association of Penang tells CardLine Global. Local banks declined comment.
