HKMA flags about 400 mobile wallet card scams
RTHK · 5 SOURCESabout 2 hours ago2 MIN
Summary
The Hong Kong Monetary Authority said on Friday that major retail banks in Hong Kong have recently identified about 400 scam cases involving payment cards, including ATM cards, being linked to contactless mobile payment services without authorization. The regulator said fraudsters typically obtain card details and verification information through phishing messages, fake websites or phone calls, then persuade victims to approve card-binding requests that later enable unauthorized transactions.
Key Points
- The Hong Kong Monetary Authority said banks recently reported scam cases involving unauthorized linking of payment cards, including ATM cards, to contactless mobile payment services.
- Based on preliminary statistics, major retail banks in Hong Kong have recently found about 400 related scam cases, according to the regulator.
- In reported cases, fraudsters posed as merchants or other organizations, sometimes claiming they were arranging compensation for goods to approach victims.
- Victims were induced to provide payment card details and ATM PINs, and to approve card-binding requests through mobile banking apps or two-way SMS.
- The HKMA said banks already use dual or additional authentication, including biometric checks and mobile banking app verification, but some customers still followed fraudsters’ instructions.
Why It Matters
For Hong Kong cardholders, the risk is not limited to stolen card data: losses can also occur when a victim actively approves a fraudulent binding request during an authentication step. The HKMA has told banks to heighten vigilance and strengthen customer education, while urging the public to reject any card-binding request they did not initiate and to contact their bank and police immediately if they suspect fraud.