Hong Kong Banks Warn Cardholders After Credit Cards Are Used to Order iPhones

A spokesperson for the Hong Kong Monetary Authority said credit card transactions must use effective safeguards to protect customers, after some Hong Kong bank customers said their cards were stolen and used to order Apple iPhones, according to Jiemian News. The spokesperson said some merchants may, for operational reasons, choose not to use or suspend additional authentication measures such as in-app authentication or one-time passwords; in that case, the merchant must bear responsibility for unauthorized transactions and related financial losses. The spokesperson also said cardholders should check transaction records carefully and notify their issuing bank as soon as possible if they suspect or discover card misuse, including by disabling the card immediately through online banking. In general, if a credit card account is used for unauthorized transactions and the cardholder has not acted fraudulently or with gross negligence, the cardholder does not need to bear responsibility for those transactions.