HKAB Welcomes the Circulars Regarding “Principles for Handling of Unauthorised Payment Card Transactions” and “Binding Payment Cards for Contactless Mobile Payments” Issued by the HKMA
(25 April 2023) The Hong Kong Association of Banks (“HKAB”) welcomes the circulars regarding “Principles for Handling of Unauthorised Payment Card Transactions” and “Binding Payment Cards for Contactless Mobile Payments” issued by the Hong Kong Monetary Authority (“HKMA”) today. HKAB said member banks will follow the HKMA guidelines in handling unauthorised card transactions in accordance with the principle of treating customers fairly, and strengthening security controls over the binding of payment cards to contactless mobile payment services. The industry will step up public education to remind customers to stay vigilant and take precautions against scams.
The industry attaches great importance to card transaction security and has put in place a series of measures relating to transaction authorisation, suspicious transaction detection, and push notifications to protect customers. In addition, in order to strengthen transaction security and elevate customer experience, the HKAB has established a task force in the first quarter of this year to work with the HKMA and member banks to further enhance payment card protection measures.
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