Regulatory Alerts2024-10-10
Added · Updated
Enhancement measures for online payment card transactions
The Hong Kong Monetary Authority mandates authorized institutions to default to bound device authentication for online payment card transactions to mitigate risks from SMS OTP interception by malware. Institutions must treat changes to this default method as high-risk transactions and implement appropriate support for customers lacking mobile banking applications or facing authentication difficulties. These enhanced anti-fraud controls must be fully implemented by 31 December 2024 following industry feedback and collaboration with banking associations and law enforcement.