Regulatory Alerts2014-06-05
Added · Updated
Control measures for guarding against some recent fraud cases
The Hong Kong Monetary Authority issued this directive to Authorized Institutions to strengthen controls against recent frauds involving unauthorized fund transfers, fake email instructions, and credit card misuse. The regulator requires banks to restrict third-party fund transfers via email or fax, implement robust callback verification using pre-registered numbers, and adopt enhanced security measures for cheque book requests and Card-Not-Present transactions. Additionally, the HKMA mandated that mobile network operators implement strengthened controls to prevent the unauthorized forwarding of SMS notifications to fraudsters.
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