Currently POSB is giving out their "new" ATM cards.
My wife was fooled into accepting the "new" ATM card.
She was told it is their new card and now she can use it like a
credit card. She can sign for purchases where there are
Visa/Mastercard logos, as well as draw money from ATMs as
normal.
What she did not realise is that she was issued with a debit
card.
Being free of charge do not make it a special ATM card. It is a
debit card just the same.
A debit card deducts the purchase amount from your account the
moment the card is swiped on the terminal. The signature is just
for show. It is useless, and not even necessary. I told her this is
a big hole in her account and any one who has her card can deplete
her account by just signing, no need to know the PIN. She is now
terrified.
I wonder how many POSB account holders have been duped into
accepting this "new" ATM cards.
If your account is linked to this "new" ATM card, the authorised
vendor can through the Mastercard network know your name from your
account number when he keys in the transaction.
