Hong Kong’s Major Retail Banks Enhance Security Measures Against Malware Scams

In an effort to safeguard customers from growing malware scams, Hong Kong’s major retail banks have announced plans to upgrade their security measures starting late February 2024. This move comes in response to guidance from the Hong Kong Monetary Authority and the Hong Kong Police Force.

Enhanced Security Measures

According to the Hong Kong Association of Banks (HKAB), individual financial institutions will implement tailored anti-malware security measures based on their customer base and systems. This proactive approach draws upon insights gained from combating fraudulent activities in overseas markets, where similar threats have been successfully addressed.

The new security protocols include:

• Immediate blocking: Banking apps will block access to accounts when malware or suspicious apps are detected on customers’ devices.
• Guidance for removal: Customers will be provided with instructions to remove the malware or suspicious apps from their devices.
• Revoke excessive permissions: Excessive permissions granted to banking apps will be revoked before transactions are processed.

Customer Vigilance

While these measures do not involve monitoring or surveillance on customers’ mobile devices, nor collect or store any personal data, they may affect customers’ experience in performing banking transactions. Banks aim to strike a balance between mitigating fraud risks and providing seamless digital banking experiences.

HKAB also emphasized that customers should remain vigilant against malware scams and refrain from downloading apps from unofficial sources. Additionally, banks will review their existing fraud monitoring and customer authentication controls across various channels to ensure the effectiveness of these measures.

As Hong Kong’s major retail banks gear up to bolster their security measures, the city’s financial institutions are taking a proactive stance against evolving malware threats, demonstrating their commitment to protecting customers’ interests while ensuring smooth digital banking experiences.