Ong Ye Kung on insurance for credit card issuers to cover fraud-related losses

There is little demand from credit card issuers like banks to buy insurance to cover fraud-related losses. Such a move would also lead to higher costs for consumers, said Monetary Authority of Singapore board member Ong Ye Kung in Parliament on Thursday (Mar 4), in reply to an MP's question. He said banks have instead invested in fraud surveillance. The system strikes a balance between liability on the parts of banks and consumers, who should keep their cards safe, practise good cyber hygiene and report any losses immediately.