The Hong Kong Monetary Authority (HKMA) has issued guidance to payment card issuers (banks) on how to improve protection for payment card customers. Due to the increase in electronic payments, payment cards have become an important aspect of daily life, but this has also led to an increase in card fraud and scams. The HKMA recommends that banks enhance protection in four areas: empowerment; support, communication and education; unauthorised transaction handling and security; and responsible borrowing. These areas include measures such as allowing cardholders to choose whether to undertake card-not-present transactions, setting up specialised handling teams for unauthorised transactions, and enhancing security measures for online transactions. Banks are expected to comply with the requirements as soon as possible, with requirements do not involve system changes taking effect by the end of June 2023 and others within six months by the end of 2023.
Details of Major Enhancements on Protection of Payment Card Customers: https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2023/20230620e1a1.pdf
Resource:
https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2023/20230620e1.pdf
