Hong Kong's banks urged to step up digital fraud monitoring

In mid-October 2023, the Hong Kong Monetary Authority HKMA, in a circular to banks, pushed for the expansion of interbank information-sharing platforms to include personal accounts, the introduction of real-time fraud alerts to enhance transaction monitoring, and the improvement of fraud alerts for bank customers with local Faster Payment System FPS.

The HKMA followed this up with the launch of the FPS suspicious proxy ID alert and the Anti-Deception Alliance in November. 

And the need is urgent with Hong Kong seeing a nearly doubling of banking fraud complaints in the...