BML flags misuse of debit cards abroad; 1 customer took over 100 cards
Measures may include reducing overseas limits or blocking transactions with merchants involved in suspicious activity.
Bank of Maldives (BML) has raised concern over the misuse of debit cards taken abroad following recent increases to foreign transaction limits.
The bank said it has observed cases where customers have taken multiple cards overseas for unauthorised use, including one individual who travelled with more than 100 cards to process transactions through a merchant’s POS machine.
BML increased overseas usage limits for debit cards linked to MVR accounts on 11 November. The revised limits allow:
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Up to USD 1,000 per month for POS transactions abroad
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Up to USD 3,000 per month for airline tickets, hotel bookings and healthcare payments
In a statement issued on Sunday, the bank said it has identified several instances of misuse. These include:
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Customers handing their cards to third parties for use overseas
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One individual using more than 100 cards abroad to obtain foreign currency through merchant transactions
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Tickets and hotel bookings made using cards belonging to people who did not travel
BML stated that issuing or allowing the use of a debit card by a third party violates the agreement between the cardholder and the bank. The limits, it said, are intended strictly for personal expenses of the cardholder.
The bank added that such activities breach financial transaction rules and that cases will be reported to the relevant authorities. Measures may include reducing overseas limits or blocking transactions with merchants involved in suspicious activity.
BML said the increase in foreign currency allocation via debit cards was introduced to facilitate essential needs and travel requirements. However, the bank noted that the continuation of the service depends on preventing card misuse.
“To protect customers’ accounts, ensure compliance, and support the sustainability of these services, customers are urged not to give their cards to others,” the statement said.
