Octopus Holdings Limited received and handled 536 wrongful charging cases on Octopus cards last year, involving $28,000, Secretary for Financial Services & the Treasury Prof KC Chan says. There were 689 such cases in 2008, involving $36,000.

Prof Chan today told lawmakers most cases arose from operational mishandling by service providers, while a small portion of the cases were due to cardholders not correctly following transaction procedures.

More than 95% of the valid cases were handled and arranged refunds to cardholders within seven business days.