Regulatory Alerts2023-06-20
Added · Updated
Major Enhancements on Protection of Payment Card Customers
The Hong Kong Monetary Authority mandates significant enhancements to protect payment card customers by requiring banks to empower users with direct control over card-not-present transactions, card suspension, and credit limits. The regulator further requires improved support and communication standards, including specialized handling teams for unauthorized transaction reports, risk-based notifications, and enhanced security measures like robust authentication factors and fraud data sharing. Additionally, banks must promote responsible borrowing through transparent repayment cost disclosures, proactive reminders for potential persistent debt, and clear information on cash advance interest implications.