Regulatory Alerts2024-12-03
Added · Updated
Enhancing Customer Empowerment in Anti-Fraud-and-Scam Protection through “Money Safe” Protection and Option of Disabling Internet Banking Platforms
The Hong Kong Monetary Authority issued this circular to enhance consumer protection against fraud and scams by mandating authorized institutions to implement a 'Money Safe' protection feature. Institutions are required to provide customers with the option to disable internet banking platforms, thereby empowering users to proactively manage their security settings. The directive establishes specific technical and operational requirements for these measures to ensure effective fraud prevention and customer control.