Hong Kong’s Major Retail Banks Enhance Online Banking Security Measures

Protecting Customers from Evolving Malware Scams

In a bid to safeguard customers from increasingly sophisticated malware scams, major retail banks in Hong Kong are implementing enhanced security measures on their online banking platforms. These new protocols will be rolled out starting late February 2024.

Proactive Approach to Combatting Fraudulent Activities

The Hong Kong Association of Banks (HKAB) has taken a proactive stance to combat malware scams by drawing upon insights from overseas markets. The enhanced security measures have been advised and guided by the Hong Kong Monetary Authority and the Hong Kong Police Force, ensuring that customers are protected from unauthorized access.

New Security Measures

Under the enhanced security protocols, banking apps will be equipped with anti-malware features that can detect suspicious activity on customers’ devices. If malware or suspicious apps are detected, immediate actions will be triggered to:

• Block access to the banking app
• Provide guidance for removing the malware or suspicious apps
• Revoke excessive permissions before transactions are processed

Key Features of Enhanced Security Measures

• Detects suspicious activity on customers’ devices
• Blocks access to the banking app if malware is detected
• Provides guidance for removing malware or suspicious apps
• Revokes excessive permissions before transactions are processed

Protecting Customer Data and Privacy

HKAB emphasizes that these security measures aim to protect bank accounts from unauthorized access and do not involve monitoring or surveillance on customers’ mobile devices. No personal data will be collected or stored as a result of these measures, ensuring that customer confidentiality is maintained.

Balancing Security and Convenience

While the enhanced security features may temporarily affect customers’ experience in performing banking transactions, banks are committed to striking a balance between mitigating fraud risks and providing a seamless digital banking experience. Additionally, banks will review their current fraud monitoring and customer authentication controls across different channels to ensure they remain effective.

Staying Vigilant Against Malware Scams

HKAB reminds the public to remain vigilant against malware scams and to refrain from downloading apps from unofficial sources. By taking these precautions and implementing enhanced security measures, Hong Kong’s major retail banks are working together to protect customers from evolving malware scams.