HKMA to curb overseas ATM cash withdrawals

Says move will further enhance the security of ATM services across the banking industry.

Effective March 1, the overseas ATM cash withdrawal capability for all ATM cards (including debit cards and credit cards) issued by Authorized Institutions in Hong Kong will be pre-set as "deactivated" to minimize unauthorized ATM transactions.

To use this new security feature, cardholders making cash withdrawals from ATMs overseas (including those in the Mainland, Taiwan, Macau and places outside Hong Kong) should activate the overseas cash withdrawal capability in advance through Hong Kong ATMs, online banking, phone banking or bank branches.

Cardholders must then set the effective and expiry date for the activation period and the overseas ATM cash withdrawal limit. Cardholders should contact their own card issuing banks for details. Individual banks have started communicating the detailed arrangements to their customers.

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks will soon make public the details through television and radio and on their websites to help the public understand the enhanced security features.

HKMA Deputy Chief Executive Arthur Yuen said HKMA believes the new control measures on the use of ATM services outside Hong Kong can further strengthen the overall security of ATM services in Hong Kong.

“ATM cardholders are advised to pay attention to the operations of the new measures to ensure they can continue to withdraw cash from ATMs outside Hong Kong from March 1, 2013,” said Yuen.

He added that HKMA will continue to work with the banking industry to monitor the ATM security development and international trend, and strengthen the security of ATM services where appropriate.