Enhancement on security measures to safeguard customers against malware scams
(22nd February 2024) The Hong Kong Association of Banks today announced that major retail banks in Hong Kong will enhance their security measures to protect customers from evolving malware scams.
In line with the advice and guidance from the Hong Kong Monetary Authority and the Hong Kong Police Force, major retail banks will roll out additional anti-malware security measures tailored to their own customer base and systems from late February 2024 onwards, based on individual financial institutions' implementation timetable. This proactive approach also draws upon insights from experiences in combating fraudulent activities in overseas markets.
When malware or suspicious apps are detected on customers’ devices, the new anti-malware security measures on banking apps will trigger immediate actions. These actions could include blocking access to the banking app, offering guidance to remove the malware or suspicious apps, or revoking excessive permissions before transactions are processed. The primary goal of these security measures is to protect bank accounts from unauthorized access. These measures will not involve monitoring or surveillance on customers’ mobile devices, nor will they collect or store any personal data.
While the anti-malware security measures may affect customers’ experience in performing banking transactions, banks are committed to finding the right balance between mitigating fraud risks and providing a smooth digital banking experience. Banks will also review the effectiveness of their current fraud monitoring and customer authentication controls across different channels. HKAB reminds that under all circumstances, members of the public should stay highly vigilant, and should not download apps from the unofficial sources.
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