Some banks to exempt frequent travellers and those residing abroad.
By Jessica Lim, Consumer Correspondent, The Straits Times.
Several banks will not deactivate the magnetic stripes on local credit and debit cards that have been used overseas at least once in the past year.
But it is understood that the new rule to reduce fraud, which consumers have criticised for its inconvenience, will still hit most users here.
"Anyone can buy an electronic reader to extract the information from the stripe, then clone cards for use," said Mr Samson Yeow, a senior lecturer at Singapore Polytechnic's school of digital media and infocomm technology.
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