You might be aware that credit and debit cards issued by banks and financial institutions in Malaysia are gradually changing from the traditional signature based to the new PIN and Pay system.
With the introduction of this new system, cardholders will receive a new card that support PIN and Pay latest by mid-2017, and after that, signature will no longer be accepted to authorize your card payment at the merchants Point-of-Sale (POS) terminal. Instead, you are required to key in a 6 digit PIN at the device to authorize the payment transaction.
The use of 6 digit PIN is similar to the way you use your ATM card to login to the bank's ATM machine.
(Photo by iStock)
This evolution is aimed to protect against fraud due to lost or stolen cards, as the card and the PIN are required to make a payment at the terminal.
All card issuers in Malaysia are required by Bank Negara Malaysia to upgrade payment cards to PIN and Pay type. Your card issuer will decline your old signature card 3 months after issuing you a new PIN card or after you are notified to collect your new PIN card from the branch.
Note that PIN and Pay is NOT applicable to Internet payment transaction and over the phone payment transaction. You should NOT disclose your PIN over the Internet or over the phone. Internet payment is still verified by CVV number as usual, and there is no change to it.
Click here for more information about the PIN and Pay system.
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