Card limit being abused; one person used over 100 cards

Bank of Maldives (BML) has said that card limits are being abused and that one person has conducted transactions with more than 100 cards overseas.

BML increased the overseas MVR transaction limit for debit cards on 11th November. The change was brought about with customers' essential needs in mind. The overseas limit is now at USD 1,000 per month, with USD 3,000 per month for booking tickets, hotels and medical treatment.

BML has said that they have noticed an abuse of these limits. They said that some customers give their own personal cards to those travelling overseas for use, with one individual having taken more than 100 cards overseas and going to specific merchant card machines to withdraw funds and conduct transactions.

Additionally, they also noticed that cards that belong to people who do not travel outside of the country are being used to book tickets and hotels within the card limits.

BML went on to say that giving an individual's personal card to a third party for use is in violation of the agreement between the individual and the bank. BML also said that the overseas limit is for use by an individual for their own personal expenditure.

"As transactions such as these are in violation of regulations, we will be looking into such transactions in the future and raising these issues to the relevant authorities," as was written in BML's statement.

BML also stated that the bank may cancel the limit allowance on cards that are being used in this manner and possible other action be taken, such as blocking transactions with such merchants.

BML went on to say that the reason why they raised the overseas debit card limit was to offer an easy option for those who travel out of the country to acquire essential needs and other personal use. The service can only be given sustainably once such actions of misuse are brought to a halt, said BML.

BML has appealed that personal cards not be given to other parties for their benefit in order to facilitate such services to be sustainably carried out, and for the safety of card holder accounts, and to ensure rules and regulations are being followed.