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Wednesday, October 14, 2015, 10:03

7 banks asked to suspend credit cards

By Timothy Chui / chinadailyasia.com

HONG KONG - Seven credit card issuing banks have been asked to suspend contactless credit cards services after failing security requirements.

Local reports listed the banks concerned as DBS, HSBC, Dah Sing Bank, Wing Hang Overseas, BOC and ICBC.

Concerns over the security of the secure contactless payment method were raised two months ago after reports published showed card holder’s personal information could be gleaned from cards using apps readily available for smartphones.

The Hong Kong Monetary Authority has called on all seven banks to halt new issuances while suspending services for existing cards. Banks are expected to notify affected customers accordingly while seeking remedies before replacing their cards.

Meanwhile, the Privacy Commissioner for Personal Data has launched an investigation into the security lapse.

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