BML Raises Alarm Over Misuse of Increased Dollar Limits on MVR Debit Cards

Bank of Maldives (BML) has expressed concern over the misuse of its recently increased dollar spending limits for Maldivian rufiyaa (MVR) debit cardholders using their cards overseas.

The revised limits, which came into effect on November 11, raised the overseas point-of-sale (POS) transaction limit to USD 1,000. In addition, a higher limit of USD 3,000 was introduced specifically for air ticket purchases, hotel bookings, and medical-related payments.

However, the bank revealed that it has detected several cases of abuse since the new limits were implemented. BML have found that some customers are handing over their debit cards to third parties for use abroad, which is strictly prohibited under banking regulations. In one extreme case, a single individual reportedly used more than 100 cards belonging to different account holders.

The bank also noted incidents where customers’ cards are being used by others to book hotel stays and airline tickets for personal benefit, further deepening concerns over fraudulent activity.

The Bank of Maldives emphasized that third-party usage of debit cards is not permitted under any circumstances. It warned that customers found violating these rules could face serious consequences, including card blocking and other regulatory actions.

The bank stressed that the continuation of this enhanced overseas spending facility depends on responsible use by customers. 

BML has urged all customers to use their cards only for personal transactions, refrain from sharing their cards with others, and adhere strictly to the terms and conditions to ensure the facility remains available for genuine users.