Bank of Maldives (BML) has uncovered a major case of debit card misuse after an individual was found to have taken more than 100 debit cards abroad to conduct transactions for foreign currency.

The incident, which has prompted the bank to issue a strong warning against third-party use of debit cards, comes amid rising misuse following the recent increase in overseas transaction limits.

BML raised foreign transaction limits on debit cards from 11 November, allowing up to USD 1,000 per month at POS machines abroad and up to USD 3,000 per month for airline tickets, hotel bookings and healthcare payments. The bank said the higher limits were intended to provide greater convenience for customers travelling overseas.

However, the bank said the revised limits have been exploited in several cases. In addition to the individual carrying over 100 cards, BML has observed customers handing their cards to others for personal use abroad, as well as ticket and hotel bookings made using cards belonging to people who were not travelling. Such actions violate the terms agreed between cardholders and the bank.

BML emphasised that debit cards are strictly for the personal use of the cardholder and that sharing cards breaches banking rules and may constitute violations of financial transaction regulations. Cases of misuse will be reported to the relevant authorities, the bank said.

The bank further warned that it may reduce overseas spending limits for customers found to be misusing their cards and could block transactions at merchants linked to suspicious activity.

Reiterating the purpose behind the revised limits, BML said the change was introduced to support essential and legitimate spending for Maldivians travelling abroad. The bank urged customers not to hand over their debit cards to protect account security, ensure regulatory compliance and maintain the sustainability of these services.