Financial Crime World

Title: Hong Kong Residents Urged to Stay Vigilant Amid Surge in Credit Card Fraud Cases

Introduction

Hong Kong, 1st June – As credit card fraud continues to pose a significant threat to residents in Hong Kong, it is essential to understand the risks and take preventative measures. In this article, we will discuss guidelines to minimize the risk of credit card fraud and identify scam signs.

Guarding Biometric Authentication and Devices

Biometric authentication, such as fingerprint or face recognition, mobile security keys, or device binding, has become popular for contactless mobile payments. However, it is crucial to safeguard these authentication methods and devices to ensure secure transactions.

Security Measures for Devices and Authentication

  • Protect your devices and authentication methods
  • Avoid sharing passwords, CVV codes, PINs, or one-time passwords (OTPs)

Verifying Merchants and Monitoring Account Activity

To minimize the risk of credit card fraud, follow these guidelines:

  1. Verify the legitimacy of merchants: Always check the security and authenticity of shopping sites before providing sensitive information.
  2. Stay alert to unsolicited communications: Be cautious of phishing emails, text messages, or phone calls that require you to reveal sensitive card details.
  3. Regularly monitor your account activity: Check your transaction history on Hang Seng Personal e-Banking and mobile app daily and report any suspicious activity.

Scam Signs to Look Out For

Scammers may use various tactics to collect credit card information, such as social media ads, fake merchants, and disguising themselves as legitimate organizations. Be on the lookout for these scam signs:

  1. Social media scams: Be wary of unsolicited offers on social media platforms, especially for limited-edition products or discounts that require payment before shipping.
  2. Fake merchants: Be cautious when purchasing items from apparently legitimate merchants with unusually attractive prices. Ensure their websites are secure before proceeding with any transactions.
  3. Suspicious communications: Be alert to phishing attempts that ask for sensitive credit card information or OTP to “confirm your identity.”

Conclusion

Staying informed and vigilant is the key to preventing credit card fraud in Hong Kong. Regularly update your security knowledge and monitor your account activity to protect yourself from potential risks. For more information, visit Hang Seng Bank’s Security Information Centre.