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UFJ
Joined: Feb 26, 2007
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UNITED OVERSEAS BANK MALAYSIA (UOB) CREDIT CARD INFRASTRUCTURE
November 17, 2007 - 03:19 PM
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At the end of the last millennium, Malaysia was notorious for having one of the highest fraud rates in the world. Acceptance of Malaysian credit cards overseas was at an all-time low and merchants in many countries were reluctant to accept such cards. As a result, the Central Bank of Malaysia, Bank Negara, mandated that by the end of 2005, all credit card transactions by Malaysian banks had to be encrypted and EMV-compliant in order to curb the high rate of fraud. A decision was made by United Overseas Bank (UOB) to update their existing credit card infrastructure to the latest technology that will support both the EMV and terminal line encryption standards that were mandated by Bank Negara.
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