HSBC Provides Update On Visa, PayPal & More

HSBC Bermuda provided an update following the recent interruptions to some services based on the implementation of additional security controls.

A spokesperson said, “With the increase in global payment transparency requirements, it is necessary for HSBC to be able to screen both the payer and the payee as it pertains to cross-border transactions.”

Tanya Bule, Head of International Wealth and Personal Banking at HSBC Bermuda stated that “This is particularly relevant in an environment where many merchants are using third party payment providers and as a result of the increasing use of electronic wallets on an international scale to remit money and pay for goods and services, these controls are designed to protect our customers by helping to mitigate payments being used for fraud, money laundering, or other financial crimes.”

A spokesperson added, “Authorization rules vary by business partner and as a result a subset of Visa Gold and Visa Classic transactions are currently experiencing declines. The impacted transactions involve certain types of fund transfers to third-party payment services [e.g. Revolut, PayPal]. HSBC indicated they are working on a short-term solution which will optimize the rule set for these specific transactions and in the meantime have given an update on what customers can and cannot do.

“HSBC Customers can:

• 1. Use their Visa Debit Card to complete PayPal transactions – these have not been interrupted through this period

• 2. Use their MasterCard Credit Card to complete their PayPal purchase – these transactions remain unaffected and the cards connected to PayPal accounts continue to work

“HSBC customers who hold a Visa Credit Card product may not be able to successfully complete the following transactions:

• 1. Add a new Visa Credit Card to their wallet

• 2. Pay other beneficiary name [e.g. another person]

• 3. Use their Visa Gold and Visa Classic Credit cards to fund their electronic wallets e.g. PayPal through wallet transfers

“Customers are advised that if their Visa Debit or MasterCard Credit Card transaction is declined, they should:

• Call the Customer Contact Center at 299-5959 to log the issue with HSBC’s customer service team who will try to troubleshoot a solution or

• Complete the purchase by paying the merchant directly using their debit and credit card products, rather than using a third-party payment service.”

Mrs. Bule added “We recognize the disruption these changes have caused and sincerely apologize to our impacted customers and thank our clients for their patience and understanding as we work to restore a service which we recognize is important to our Bermuda customer base. As customer protection and payment transparency remains our top priority, we are actively working to implement a longer-term strategic solution whilst maintaining appropriate safeguards”.

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