By Gabriel Chen

NEW MEASURES to limit the liability of credit cardholders does not indicate that the incidence of card fraud is a big problem here, said the Association of Banks in Singapore (ABS) on Friday.

In fact, the incidence of credit card fraud in Singapore is one of the lowest in the world, as consumers here are quick to report their lost cards while many banks here already have systems to detect unusual spending behaviour.

Just 0.02 per cent of the estimated 7 million cards in circulation here - or just over 1,000 cards - are linked to fraud, according to figures released for the first time by the ABS.

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