SINGAPORE - About one in five (21 per cent) are not aware that they will need to activate their credit and debit cards for overseas use from next month, a survey has found.
Among those who are aware of the new security measures, close to one in four (24 per cent) said they do not know how to activate their cards.
The online survey was conducted earlier this month by Visa and The Association of Banks in Singapore.
The survey's results were released yesterday. A total of 327 consumers aged at least 18 years old were polled.
The association announced on July 30 that all 10 card-issuing banks here will be deactivating the magnetic stripe on most credit and debit cards by Tuesday.
Data encoded on the magnetic stripe can be easily read and copied, said the association. This can be exploited by card-skimming syndicates overseas.