The Hong Kong Monetary Authority has ordered lenders to replace clients’ credit cards affected by a security loophole that could allow hackers to gain access to their personal information, the Hong Kong Economic Journal reported on Tuesday.
As least seven local banks were found to have issued 1.25 million contactless credit cards which may have such a security risk.
They have been ordered to replace the cards with new ones that have adequate security systems, although no timeframe was set for compliance.
Some of the cards are linked to Jetco and Visa payWave systems.
The HKMA has yet to hold any parties accountable for the security risk as it needs more technical details about what has gone wrong, deputy chief executive Arthur Yuen was quoted as saying.
The regulator has required lenders to inform affected clients and look into relevant cases.
According to existing regulations and international norms, clients’ full name shall not be disclosed on contactless credit cards with unencoded expiry date and card number.
Over 50 percent of the affected cards were issued by BOC Hong Kong (Holdings) Ltd. (02388.HK) while 35 percent came from DBS (Hong Kong) Ltd., data from the banking watchdog showed.
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