Compared to ATM cars, the risk of loss through debit card misuse is immense.

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Originally Posted by kooldog59 Topic: There should be a rule prohibiting banks from issuing cards that customers do not nee The person who steals your card cannot activate your card, so how to use it, be it a credit or debit or even charge card? No pin will be sent, without you activating it and sending in a request for ATM access...This is the same as sending you a check and asking you to bank it. If you lose the check, no one can use the check because it has to be banked into an account that matches your name... The real problem is with people who activate their cards every time any bank sends them one because they want all the credit limits they can get...

Hi kooldog,
My issue is not with the security of activating the card nor the ability to use the same card as an ATM card too. My issue is with the elderly holding onto 2in1 (debit n ATM) cards thinking that they were just plain Jane ATM cards... As quoted in my last post/ from the Wikipedia definition of 'debit card' [link]- debit cards can be used also over the internet/ phone to make purchases internationally with no expense limits set other than what the linked savings account balance at the moment is. (The default ATM/ expense limit for DBS ATM cards is S$2000/day as I understand).
Thus, in its effort to either give current customers more transactional opportunities (tapping into the Visa/MC/Amex system)/ to earn more transactional commission from card holder transactions, DBS has compromised the security of those of its account holders who might not understand the additional privileges and responsibilities in regard to the use of a debit card- most of which mirror if not exceed those of credit cards in terms of financial loss liability- wherein funds lost to theft can easily happen- now that the pin number is no longer necessary for transactions whether over the counter or over the internet (debit cards use the same lax security clearances as credit cards).
Banks in general hold customers liable for ALL credit card (and debit card) purchases until the point in time that the bank is notified that the said credit/ debit card has been misplaced/ lost, unlike in the case of ATM cards wherein it is next to impossible to access funds through any means without the concurrent availability of the correct pin number.

For instance, not everyone who misplaces his ATM card might immediately report its loss, hoping to retrieve it again so long as the pin remains undisclosed. Credit cards (ditto debit cards) however ought to be reported immediately due to the ease in which the card may be misused (no pin req'd at checkouts) as well as the card holder's almost total contractual liability for such financial loss should they occur before the bank has been notified about the loss/ misplacement of the said credit/ debit card.

By this logic, DBS has placed customers requiring solely the services of an ATM card at an excessive and unwarranted risk of great loss and/ or financial fraud.

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11Apr2012: There should be a rule prohibiting banks from issuing cards that customers do not nee