Regulatory Alerts2016-03-16
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Operational Incidents Watch Issue No. 5
The Hong Kong Monetary Authority issued this newsletter to highlight lessons from two operational incidents involving ineffective call-back verification for third-party fund transfers and unauthorized access to safe deposit boxes. The document details how fraudsters exploited weak verification procedures to execute unauthorized transfers and how staff errors allowed unapproved individuals into secure areas. It recommends enforcing strict signature matching, implementing dynamic verification questions, and ensuring staff adherence to safety protocols during busy periods.
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HKMA published 11 documents in the last 30 days. We email you each new one the day it's published.
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