Two local banks have urged customers to suspend their credit cards – either via the bank’s mobile app or by phone – if they spot any unauthorised transactions.

The reminders follow a wave of social media posts from users who suspect their credit cards were fraudulently used to buy new iPhones during a pre-order launch.

In response to media enquiries, HSBC and Standard Chartered both said they were aware of the online discussions.

HSBC said an investigation will be launched for affected customers and, where applicable, a chargeback will be initiated in accordance with card network regulations.

Standard Chartered similarly said it will help submit a refund request to the card networks if an investigation confirms that affected customers did not authorise the transactions.

Both banks noted that while they provide 3-D Secure authentication to protect online purchases, individuals will have to decide for themselves whether or not to implement an extra step of verification.

The Hong Kong Monetary Authority, for its part, said cardholders generally do not need to bear liability for unauthorised transactions if they have not acted fraudulently or with gross negligence.

The authority stressed that effective measures must be in place to ensure the safety of credit card transactions.

If individual merchants choose to disable additional verification steps due to operational considerations, they have to bear liability for any resulting unauthorised transactions and financial losses, the authority added.


Edited by Aaron Tam