Financial Crime World

Cybercrime and Financial Institutions in Hong Kong: A Growing Concern

Rising Threats to Cybersecurity in Hong Kong’s Financial Sector

Hong Kong, January 25, 2024 - The city’s financial sector has become increasingly vulnerable to cyberattacks, with statistics showing a significant increase in computer crime cases reported in 2021. According to the Hong Kong Police Force, there were 16,159 computer crime cases reported last year, representing a 25% rise from 2020.

Financial Losses Due to Cybercrime

The total financial loss due to these crimes was estimated at HKD3,024 million, highlighting the growing threat of cybercrime to Hong Kong’s economy and financial institutions. This staggering figure emphasizes the need for immediate action to protect against phishing attacks.

SMS Sender Registration Scheme: A New Measure Against Phishing

To combat phishing SMS scams, a new scheme has been launched by the Office of the Communications Authority, the Hong Kong Monetary Authority, the Hong Kong Police Force, the Hong Kong Association of Banks, and the telecommunications industry. Starting from January 28, 2024, major local banks will use registered sender IDs starting with “#” to send one-way SMS messages to local mobile users.

Key Features of the Scheme:

  • Registered sender IDs starting with “#” for SMS notifications
  • Improved security measures against phishing attacks

Protecting Your Business Against Cybercrime

With the rise in cyberattacks, it is essential for businesses to take steps to protect themselves against fraud and cybercrime. HSBC offers tips and guidance on how to stay vigilant and prevent scams:

Tips from HSBC:

  • Use “Scameter” launched by the police to evaluate the fraud risk of phone numbers or URLs
  • Do not click on suspicious links in SMS messages
  • Use Personal Digital Keys securely

Additional Resources for Businesses

The Hong Kong Monetary Authority provides additional security tips and an educational video on its website for businesses to learn more about online security risks and how to protect themselves against cyber threats.

As the city’s financial sector continues to face the threat of cybercrime, it is essential for institutions and individuals to take proactive measures to prevent attacks and stay secure in the digital age.