Regulatory Alerts2023-04-25
Added · Updated
HKMA Requirement for Strengthened Security Controls on Binding Payment Cards to Contactless Mobile Payments
The Hong Kong Monetary Authority mandates that authorized institutions strengthen security controls for binding payment cards to contactless mobile payment services following a rise in fraud cases. Institutions are required to implement additional authentication measures, such as two-way SMS confirmation or in-app verification, to ensure cardholders explicitly authorize the binding process. These enhanced security protocols must be implemented as soon as practicable, with a mandatory deadline of 31 May 2023.