AMCM to prompt banks to offer transaction reassurance to credit cardholders

The Monetary Authority of Macao (AMCM) has pledged to prompt local financial institutions to reinforce verification measures for credit card transactions, to safeguard local customers’ entitlements.
The AMCM’s announcement came in response to a string of cases regarding credit card fraud reported in recent months in Macau.
In October 2020, the Judiciary Police (PJ) and Hong Kong’s Police Force arrested a total of 31 suspects in both cities — who were said to be involved in an organized criminal gang engaging in credit card scams.
The individuals were arrested for allegedly stealing the information of others’ credit cards, which they then used to purchase items online or resell via online forums for profit.
The data of over 500 credit cards were stolen by the criminal ring for in-app purchases, amounting to a tally of over MOP600,000, according to the PJ.
The high-profile case was spearheaded by a special operation co-launched by officers of the two cities to investigate whether Macau was the source of a leak of credit card data.
The AMCM urges local credit cardholders to remain vigilant against the scam. They should contact their bank if they detect a suspicious case, and report it to the police.
Currently, many local banks have been offering verification measures for purchases made through credit cards. Some banks will even deliver a message to inform the cardholder about any purchases that exceed the card’s transaction limit.
The authority also vows to strengthen the promotion effort regarding credit card security to raise public awareness. Honey Tsang