The Hong Kong Monetary Authority (HKMA) will announce on Monday new measures to be implemented by banks to safeguard the public from financial fraud, stepping up its vigilance to prevent scams that caused losses of HK$9.15 billion (US$1.2 billion) last year.
Called “E-Banking Security ABC”, the “ABC” refers to tightening “authorisation” methods for transactions, saying “bye-bye” to chosen functions and “cancelling” suspicious transactions.
These safety measures will enhance electronic banking security for customers, according to Arthur Yuen Kwok-hang, the deputy chief executive of the city’s de facto central bank. These will complement the “Money Safe” function aimed at seniors aged 65 and above to be launched this month, which will be extended to everyone in September.
“Since we have seen an increasing number of financial scams and fraud, the HKMA considers it vital to introduce measures to establish a comprehensive anti-fraud system for banks and their customers to prevent their money from being lost to fraudsters,” Yuen said.
Last year, more than 44,000 scam cases were recorded in the city, according to statistics released by the police. Although the number of scam cases last year increased at a slower pace of around 12 per cent, compared with more than 40 per cent in 2023, the amount involved reached a whopping HK$9.15 billion (US$1.2 billion).
The three note-issuing banks – HSBC, Standard Chartered Bank and Bank of China (Hong Kong) – this month would introduce the “Money Safe” function, with another 11 banks joining this quarter, Yuen said.
