The Hong Kong Monetary Authority has published a circular on enhanced approaches to combat digital fraud.

The circular provides Authorized Institutions with an update on enhancements being made to combat digital fraud.

It covers:

• Information Sharing;
• Transaction Monitoring – Real-time Fraud Monitoring System; and
• Customer Alerts – Faster Payment System (FPS) Suspicious Proxy ID Alert Model.

Firms with operations in or with Hong Kong should review the HKMA publication and take any appropriate action.

https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2023/20231012e1.pdf