Regulatory Alerts2023-10-31
Added · Updated
Enhancement to security of electronic banking services
The Hong Kong Monetary Authority requires authorized institutions to implement enhanced security measures for electronic banking services to combat rising digital fraud. The directive mandates dynamic fraud monitoring, ambush authentication, and stricter controls on high-risk transactions while empowering customers with better activity monitoring and lower default transfer limits. Institutions must deploy these protections, including account suspension mechanisms and 24/7 reporting channels, by 31 March 2024.