Regulatory Alerts2025-04-14
Added · Updated
New Anti-Digital Fraud Measures: E-Banking Security ABC
The Hong Kong Monetary Authority mandates Authorized Institutions to enhance e-banking security by defaulting to bound device authentication for logins and high-risk transactions, replacing SMS OTPs. Institutions must strengthen device binding with facial recognition, allow customers to deactivate third-party payee functions, and display high-risk alerts for at least 10 seconds to prevent fraud. These measures are scheduled for implementation between Q2 2025 and Q4 2025 to mitigate digital fraud risks.