April 10, 2023
Cases of credit card fraud are becoming increasingly common, rising 45.1% year-on-year. DAB Legislator Edward Leung Hei convened a press conference together with several victims of credit card fraud, drawing on their own bitter experiences to expose major loopholes in credit card use.
Edward Leung believes Hong Kong Monetary Authority (HKMA) should impose stricter oversight over credit card usage:
1. Urge the HKMA to issue more specific guidelines for defining "gross negligence".
2. The HKMA should issue criteria requiring different levels of protection/security measures based on transaction amounts (including SMS notifications, OTP and phone verifications).
3. Banks may adjust credit card limits from time to time without notice; the public should regularly check their own credit limits and not pursue credit lines that diverge too greatly from actual spending patterns.
LegCo Member Edward Leung (9665 0660)