Hong Kong: Hong Kong Banks Required To Enhance e-Banking Security By 31 March 2024 – Mayer Brown>
Monday.com – Sara S M Or
The Hong Kong Monetary Authority (HKMA) released a circular on October 31, 2023, requiring all Authorized Institutions (AIs) to implement e-banking enhancements by March 31, 2024.
The HKMA aims to strengthen e-banking security in collaboration with the Hong Kong Association of Banks and the Hong Kong Police Force.
The enhanced measures include dynamic fraud monitoring, ambush authentication, additional confirmation for high-risk transactions, and the capability to implement multiple authentication methods.
Customers will be empowered to safeguard their bank accounts through tools for reviewing account activities, notifications of unusual e-banking activities, lower default limits for cross-border transfers, and restrictions on concurrent login sessions.
In case of serious breaches, AIs should provide mechanisms for customers to suspend their e-banking accounts and maintain a 24/7 customer reporting channel.
The HKMA will revise relevant guidelines and consult with the industry on these changes.
Link: https://www.mondaq.com/hongkong/financial-services/1385870/hong-kong-banks-required-to-enhance-e-banking-security-by-31-march-2024