How to prevent credit card fraud

I suggest that the regulator (MAS) should make it mandatory for a bank to require the customer to enter a PIN to verify a credit card transaction what is made online. It is easy for the customer to register a PIN for the credit card. The customer needs only to register a PIN for the credit card that they intend to use for online purchases.  This will stop  thief from making a fraudulent purchase just by quoting the details of the credit card. Many years earlier, when online transactions was not prevalent, it would be difficult for a bank to require the customer to enter a PIN. But with the advance of the Internet and mobile data during the past ten years, this is no longer an issue. But the banks are reluctant to change. So they need to be promoted by the regulator. Perhaps the law should be changed to place the responsibility on the bank when they make a payment based on the credit card number, which is not verified by a PIN. If this law is in place, the banks will be in a hurry to implement the PIN. I have seen some banks send a SMS to ask the customer to confirm the transaction.  I think the use of a PIN is more convenient for the customer and less costly for the bank. I suggest that MAS should take the lead to implement this change.

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