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.
- 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.