The Macau Monetary Authority (AMCM) announced in a statement yesterday that in order to enhance online trade safety, it has mandated that all ATM card-issuing banks introduce a new online transaction authorisation feature within their mobile banking apps starting by the end of this year.
The new feature will replace the one-time SMS verification code system, the statement said.
The measure, according to the statement, aims to prevent fraudsters from accessing interception verification codes to conduct unauthorised transactions, thereby reducing the risk of financial loss. The monetary regulator also required banks to provide clear guidelines and customer support for the new feature, the statement said.
According to the statement, in line with the new rules, ATM cardholders must update their mobile banking apps to the latest version. During a transaction, the system will prompt the user to open the mobile banking app, the statement said.
After completing the verification process, according to the statement, the users can clearly review the transaction details – merchant name and amount – before authorising the process directly within the app.
Moreover, the statement said, ATM card holders who have not activated mobile banking services may continue using the SMS verification code method.
In order to prevent fraudulent activities involving text messages from impersonators, the bureau warned in the statement that from this month local financial institutions are prohibited from including hyperlinks or QR codes in their text messages or emails sent to customers.
AMCM reminded the public that financial institutions will never request personal information, bank card details, or verification codes via text messages or emails. It urged the public to remain vigilant and refrain from clicking on unfamiliar links or scanning QR codes from unknown sources.
Undated file photo of the headquarters of the Macau Monetary Authority (AMCM) on Calçada do Gaio – Photo: MSAR Government Portal
