Financial Crime World

Title: Hong Kong Financial Sector Braces for Surge in Cybercrime with New SMS Security Measures

Introduction

Hong Kong, January 2024 - Technology offers new opportunities for businesses in Hong Kong, but it also presents new challenges in the form of cybercrime. In this era of digitalization, the number of reported computer crime cases in Hong Kong has increased by a staggering 25% year-over-year, resulting in a financial loss of over HKD3 billion in 2021. ( Statistics)

To combat this threat, major industry players in Hong Kong have collaborated to launch the “SMS Sender Registration Scheme” to help prevent cybercrime. Starting from January 28, 2024, local banks, including HSBC, will use registered sender IDs to send one-way SMS messages to local mobile users.

About the SMS Sender Registration Scheme

  • Key industry players, including 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, have collaborated to launch the SMS Sender Registration Scheme. (Collaboration)
  • Starting from January 28, 2024, major local banks, including HSBC, will use registered sender IDs to send one-way SMS messages to local mobile users. (New Measure)
  • HSBC’s SMS types and corresponding registered sender IDs are:
    1. #HSBC - General Information
    2. #HSBCsecured - Non-Forwarding (e.g., One-Time Passwords)
    3. #PayMe - Non-Forwarding (e.g., One-Time Passwords)
    4. #HSBCnotice - Dual-Forwarding (e.g., Transaction alerts)
  • The new initiative does not apply to 2-way SMS messages or local subscribers of Single-Card-Multiple-Numbers/One-Card-Two-Numbers mobile services provided by non-Hong Kong operators.

Staying Safe: Tips for HSBC Customers

  • HSBC urges its customers to remain cautious when receiving SMS messages from unknown senders. (Security Tips)
  • Do not disclose any personal, account, or credit card information.
  • Do not transfer money or click on suspicious links as instructed.
  • Use the Hong Kong Police Force’s “Scameter” to evaluate the fraud risk of a phone number or URL.

Protecting Businesses Against Fraud and Cybercrime

  • It is essential to equip staff with the necessary knowledge to recognize and prevent scams. (Staff Training)
  • In 2021, there were over 16,000 reported computer crime cases in Hong Kong.
  • HSBC encourages its customers to stay informed and vigilant against various cyber threats and online security risks.

Resources for Safe Online Practices

  • For more information about Personal Digital Keys and valuable security tips, visit the Hong Kong Monetary Authority’s website.
  • HSBC customers are also invited to watch the educational videos published on September 5, 2022, and August 12, 2020, for additional guidance on safeguarding their digital keys and maintaining an online presence securely. (Educational Resources)