500 Dubai shop transactions raise concern over BML card use

Around 500 cards issued by the Bank of Maldives (BML) were used to carry out transactions at a shop in Dubai within a few days, according to CEO Mohamed Shareef, who said the activity involved misuse of the dollar limit through the use of cards belonging to other individuals.

Speaking at a press conference held by the bank Tuesday, Shareef stated that action would be taken in cases where the dollar limit is used in this manner.

He said the dollar limit on cards issued by the bank would remain at a set level.

“At present, there is a $1,000 limit on the card. Payments of up to $3,000 can be made to hotels. This allows individuals to use cards belonging to others,” Shareef said.

He added that such use of the limit would affect the system and that the bank would take action when such cases are identified.

“This affects the system. We are working to ensure access to dollars for all,” he said.

Shareef questioned the likelihood of a large number of Maldivians travelling to a single shop in Dubai within a short period for transactions. He said it was the responsibility of the bank to prevent such practices.

“There will be concerns when a card is blocked. However, the bank has a duty to act in such situations,” he said.

He also noted that the bank continues to focus on providing dollars for essential public needs.

In December last year, the bank took action over misuse of a debit card issued by BML. One individual was accused of taking more than 100 cards overseas.