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 require all authorized institutions to implement 'Money Safe' protection and provide customers with the option to disable internet banking platforms. These measures are designed to enhance customer empowerment and strengthen anti-fraud and scam protection mechanisms within the banking sector. The directive aims to give consumers greater control over their digital banking access to mitigate the risk of unauthorized transactions.