\n <\/p>\n
<\/p>\n HKMA announces the extension of the Suspicious Account Alert system, covering internet banking and physical branches, to combat increasing fraud risks.<\/p>\n
The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Police Force and the Hong Kong Association of Banks (HKAB), has announced a significant expansion of its Suspicious Account Alert system. The initiative, set to begin on August 4, 2024, will now encompass both internet banking and physical branch transactions, according to the Hong Kong Monetary Authority<\/a>.<\/p>\n Initially launched in November 2023, the Suspicious Account Alert system was designed to warn customers about high-risk fraud scenarios based on data from the Police’s Scameter, a scam and pitfall search engine. The initial phase covered fund transfers using the Faster Payment System (FPS) proxy IDs, including mobile numbers, email addresses, and FPS Identifiers (FPS ID). By the end of June 2024, more than 655,000 alerts had been issued, averaging 3,000 alerts per day.<\/p>\n With the new expansion, the alert system will now include retail customers’ fund transfers conducted at bank counters, as well as online fund transfers within the same bank or inter-bank\/SVF transactions using account numbers. Customers will receive warnings if the payee\u2019s account number, mobile number, email address, or FPS Identifier is flagged as \u201cHigh Risk\u201d in Scameter, regardless of the transaction method.<\/p>\n In addition to expanding the alert system, HKMA introduced two new initiatives aimed at further protecting bank customers. The first is the \u201cScameter+\u201d mobile application, which will provide timely alerts about fraudulent bank websites or phone numbers. The second initiative involves enhancing the security of online credit card transactions by requiring authentication via banks\u2019 mobile banking applications instead of SMS one-time passwords, in response to evolving malware threats.<\/p>\n HKMA is urging the public to verify payment details and the payee\u2019s identity before proceeding with transactions. The authority advises the public to:<\/p>\n HKMA, in collaboration with the Police and the banking industry, remains committed to raising public awareness and combating digital frauds. The measures announced are part of ongoing efforts to protect customers from the growing threat of digital fraud, including malware scams.<\/p>\n For more information, visit the Hong Kong Monetary Authority<\/a> website.<\/p>\n
\n Tony Kim<\/a>
\n Aug 01, 2024 14:23<\/span>
\n <\/p>\n
\n
\n ![\"Hong](\"https:\/\/image.blockchain.news:443\/features\/0173B13F2493F1687E8F1F6CD41A3B7B49FFCE35535D6E50ED96E1AC8F75B584.jpg\")
\n <\/a>
\n <\/figure>\nBroader Coverage for Enhanced Protection<\/h2>\n
Additional Anti-Fraud Initiatives<\/h2>\n
\n
Continued Efforts Against Digital Fraud<\/h2>\n