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HKMA Publishes Circular on Combating Digital Fraud

12 October 2023
Hong Kong Flag

HKMA Publishes Circular on Combating Digital Fraud

The Hong Kong Monetary Authority (HKMA) 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.
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