Hong Kong's banks urged to step up digital fraud monitoring

As cases spike, the Hong Kong Monetary Authority is stepping up efforts to tackle fraud in an evolving banking landscape such as the use of the Faster Payment System.

Konoly Konoly
Jan 9, 2024 - 21:01
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Hong Kong's banks urged to step up digital fraud monitoring

January 09, 2024

In mid-October 2023, the Hong Kong Monetary Authority HKMA, in a circular to banks, pushed for the expansion of interbank information-sharing platforms to include personal accounts, the introduction of real-time fraud alerts to enhance transaction monitoring, and the improvement of fraud alerts for bank customers with local Faster Payment System FPS.

The HKMA followed this up with the launch of the FPS suspicious proxy ID alert and the Anti-Deception Alliance in November. 

And the need is urgent with Hong Kong seeing a nearly doubling of banking fraud complaints in the...

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