Regulatory Alerts2021-06-23
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Complaints Watch Issue No. 17
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 17 to address rising phishing scams and internal fraud risks affecting authorized institutions. The regulator requires banks to enhance consumer protection by improving One-Time Password message clarity, handling complaints pragmatically, and strengthening internal controls such as duty segregation and customer verification. Additionally, the HKMA urges institutions to step up educational efforts and review operational workflows to safeguard customer assets against fraud and theft.
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