Hong Kong’s Financial Sector Under Cyber Threat: New Schemes Launched to Protect Bank Customers and Businesses

Rising Concerns in Hong Kong’s Financial Sector

The financial sector in Hong Kong is facing an increasing threat from sophisticated cyberattacks, with a significant rise in computer crime cases reported in 2021. The number of reported cases reached 16,159, representing a 25% increase from the previous year, resulting in a total financial loss of HKD3,024 million.

New Schemes to Prevent Phishing Scams

In response to this growing threat, major local banks and government agencies have launched new schemes to prevent phishing scams and protect customers’ personal information. These schemes aim to identify legitimate SMS senders and prevent customers from falling prey to malicious messages.

“SMS Sender Registration Scheme”

The “SMS Sender Registration Scheme” came into effect on January 28, requiring major local banks to use registered sender IDs starting with “#” when sending one-way SMS to local mobile users. This scheme is designed to help identify legitimate SMS senders and prevent phishing scams.

Banks Taking Action

HSBC’s Measures

HSBC, one of Hong Kong’s largest banks, has announced that it will only use registered sender IDs to send one-time SMS, including for transaction alerts and secure non-forwarding messages. The bank has warned its customers to be vigilant when receiving SMS from unknown senders and not to disclose personal or financial information.

Online Resource Page

To equip businesses and individuals with the necessary knowledge and skills to prevent cybercrime, HSBC has created an online resource page that provides tips and guidance on how to stay vigilant in the face of emerging threats.

Government Agency Promoting Secure Authentication Methods

The Hong Kong Monetary Authority (HKMA) is promoting personal digital keys as a secure method for authenticating online transactions. The HKMA website offers educational resources, including a video, to help individuals understand the benefits and risks associated with personal digital keys.

Conclusion

As the financial sector continues to evolve in a rapidly changing technological landscape, it is essential that banks, businesses, and individuals remain vigilant against cyber threats. By working together, we can protect our finances and ensure a secure future for all.