The HKMA collaborates closely with the Police and the banking sector to implement various anti-fraud measures. The Suspicious Account Alert was introduced in November 2023. This alert system notifies customers of a ‘High Risk’ of fraud using information from the Police's Scameter, a scam and fraud detection tool. Initially focusing on fund transfers via Faster Payment System (FPS) proxy IDs (such as mobile phone numbers, email addresses, and FPS Identifiers), over 655,000 alerts have been issued by the end of June 2024, averaging around 3,000 alerts daily.
From August 2024, 32 banks and ten stored value facility (SVF) operators, started expanding the coverage of the Suspicious Account Alert to include internet banking and physical branch transactions. This initiative aims to offer increased protection to customers against the growing threat of fraud.
To upgrade the protection against fraud, the alert system covers retail customers' fund transfers at bank counters and online transfers within the same bank or between different banks/SVFs, using payees' account numbers. Customers receive an alert message warning of high fraud risk if the payee's account number, mobile number, email address, or FPS Identifier is flagged as ‘High Risk’ in Scameter, regardless of the transfer method. SVFs introduced a similar alert system and shared necessary information with their customers.
Two additional initiatives have been introduced to bolster protection for bank customers. Firstly, the ‘Scameter+’ mobile app offers more alerts regarding fraudulent bank websites or phone numbers. Secondly, to ensure a more secure authentication process for customers using mobile banking apps due to advancing malware threats, online credit card transaction authentication must now be carried out through banks' mobile banking applications instead of SMS one-time passwords.
The HKMA advises the public to verify payment details and payee identity before transactions to prevent potential loss due to rising digital fraud threats. They recommend fact-checking with HKMA registers, using official app stores, avoiding fraudulent links, and safeguarding personal information.
The HKMA continues to work closely with the Police and the industry to raise public awareness and combat digital fraud.
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