AMCM studying solution to enable banks to identify reused phone numbers

The Monetary Authority of Macao (AMCM) says it is jointly studying with local telecommunications operators a solution that would enable the banking industry to effectively identify “reused phone numbers.”

The AMCM is also working with the banking industry to optimize the verification process for customers’ phone numbers used to register accounts and update registered phone numbers, so as to strengthen the authenticity and accuracy of phone number registration.

According to a recent TDM program, a listener said that after changing their phone number, they were unable to receive funds when transferring money via “Easy Transfer” to their own account under the same name at another bank.

The AMCM said in response that the listener in question had not registered and linked an “Easy Transfer” receiving account with their mobile phone number at the receiving bank, but had only changed the contact phone number registered with the bank, while the original holder of the relevant mobile phone number had already registered an “Easy Transfer” receiving account at the receiving bank.

Due to concerns over customer fund security, the bank cannot unilaterally issue a refund and must obtain the recipient’s written consent before the refund procedure can be processed. The bank involved is continuing to follow up on the case.

The AMCM says it will strengthen public awareness about the “Easy Transfer” service and require the banking industry to remind customers to carefully verify information when making transfers.

If a mistakenly transferred amount is received, the recipient should proactively return the funds through the bank; otherwise, the recipient may face criminal liability.