BOC discusses online credit card abuse

Reports on credit card abuse have become a feature of the Judiciary Police (PJ) press announcements recently. Even the Secretary for Security, Wong Sio Chak, commented on the matter, outlining the investigative difficulties the PJ face as most cases take place overseas.
Managing the matter is as difficult as investigating it. The Bank of China (BOC), Macau Branch has noted that credit card abuse has moved from offline to online because card copying is becoming more difficult – cards are now increasingly equipped with chips.
For better security, card brands often require two-step verification when online purchases are made. A one-time password is sent to the card owner’s cellphone for verification.
However, representatives of the bank have expressed regret that some retailers have chosen to waive the two-step verification requirement for the sake of convenience. This has resulted in access points for credit card abuse. Previously, the bank has pointed to Apple as one of these less-secure retail platforms.
Instructing the public to manage this malpractice, the bank stressed that if abuse is suspected, the card owner should enquire with their bank and, if it is proven, instruct the bank to suspend their card.
The BOC noted that normally it takes one to two months to investigate and verify the malpractice. AL