Source:
https://scmp.com/business/banking-finance/article/2170183/hong-kong-halts-e-wallets-top-ups-after-users-reports
Business/ Banking & Finance

Hong Kong halts e-wallet auto top-ups after user reports of missing funds

  • In a major disruption to the city’s plan to develop into a smart banking centre, the HKMA says it has ordered the shutdown of top-up features using the Faster Payment System to Octopus and other stored value cards
In a major disruption to the city’s plan to develop into a smart banking centre, the HKMA says it has ordered the shutdown of top-up features using the Faster Payment System to Octopus and other stored value cards

Hong Kong’s smart banking push got a big slap down after the Hong Kong Monetary Authority ordered e-wallet operators to suspend auto transfers via the recently-launched Faster Payment System to top-up Octopus, and the Hong Kong units of Alipay and WeChat Pay, after a number of fraud cases came to light.

The suspension order, unveiled Wednesday evening, came after the HKMA found a number of customers had suffered a combined loss of HK$180,000, with most cases involving several thousands of dollars in losses, via the Faster Payment System. The biggest single amount was about HK$100,000, a spokeswoman said.