HKMA reminds public to stay alert to phishing scams targeting binding of payment cards to contactless mobile payment services

The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) has recently received reports from banks of scams involving the unauthorised binding of payment cards, including ATM cards, to contactless mobile payment services. The HKMA has shared the relevant modus operandi with the banking industry and reminded banks to stay vigilant and strengthen customer education. In the cases reported, fraudsters impersonated merchants or other organisations through phishing messages, fraudulent websites or phone calls, and used various pretexts, such as offering compensation for goods, to deceive victims into disclosing their payment card information and ATM personal identification numbers (PINs). To bind the victims' payment cards to devices under the fraudster's control, fraudsters coaxed the victims into approving payment card-binding requests through different channels, such as mobile banking applications or two-way SMS messages. Once the payment cards have been bound, the fraudsters can use them to make unauthorised transactions. The HKMA reminds members of the public that binding a payment card is a high-risk operation. The following must