Expansion of Suspicious Account Alert for internet banking and physical branches transactions
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Police Force (the Police) and the Hong Kong Association of Banks (HKAB), announces today (August 1) that 32 banks and 10 stored value facility (SVF) operators (see Annex for the list of participating institutions) will, starting from August 4, 2024, extend the coverage of the Suspicious Account Alert for internet banking and physical branches transactions, for providing enhanced protection to customers against rising fraud risks.
The HKMA has been working closely with the Police and the banking industry to introduce various anti-fraud initiatives. Among them, the Suspicious Account Alert, launched in November 2023, warns customers of "High Risk" of fraud based on information of the Police's Scameter, a scam and pitfall search engine, initially covering fund transfers using Faster Payment System (FPS) proxy IDs (including mobile phone number, email address, FPS Identifier (FPS ID)). As of end-June, 2024, over 655 000 alerts were issued, with an average of 3 000 alerts per day.
To further enhance the protection against fraud risks, the alert mechanism will extend to cover retail customers' fund transfers at bank counters, and online fund transfers within the same bank or inter-bank/SVFs, using account numbers of the payees. Customers will receive an alert message indicating high fraud risk if the payee's account number, mobile phone number, email address or FPS Identifier are labelled as "High Risk" in Scameter, regardless of whether the transfer is conducted at branch or through online channels. Participating SVFs will implement similar alert mechanism and provide relevant details to their respective customers.
Two other new initiatives are also introduced to further enhance protection for bank customers. First, "Scameter+" mobile application will now provide more timely alerts of fraudulent bank websites or phone numbers. In addition, to provide a more secure authentication method for customers using mobile banking apps in the light of evolving malware threats, the authentication of online credit card transactions has to be conducted via banks' mobile banking applications instead of SMS one-time passwords.
The HKMA reminds the public to carefully verify the payment details and the payee's identity before proceeding with a transaction. If in doubt, the public should refrain from making payments to avoid potential loss. In view of the rising threat of digital frauds such as malware scams, the public is advised to:
The HKMA will continue to work closely with the Police and the industry to raise public awareness and combat digital frauds.
InvestHK promotes Hong Kong's advantages as multinational supply chain management centre during CIFIT
Invest Hong Kong (InvestHK) hosted a seminar at the 24th China International Fair for Investment and Trade (CIFIT) in Xiamen, Fujian Province, yesterday (September 8), encouraging Mainland enterprises to make use of Hong Kong's advantages as a multinational supply chain management centre to expand overseas amid the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development.
Entitled Hong Kong as a multinational supply chain management centre for Mainland enterprises, the seminar was organised by InvestHK, the Commercial Office of the Economic Affairs Department of the Liaison Office of the Central People's Government (LOCPG) in the Hong Kong Special Administrative Region (HKSAR), the Hong Kong Economic and Trade Office in Guangdong, and the Department of Commerce of Fujian Province. It was co-organised by the China Council for the Promotion of International Trade Xiamen Committee, the Federation of Industry and Commerce of Xiamen (General Chamber of Commerce) and the China Council for the Promotion of International Trade, Quanzhou Committee. The seminar began with remarks from Associate Director-General of Investment Promotion Dr Jimmy Chiang and the Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the LOCPG in the HKSAR, Mr Zhou Qiang, as well as Vice Chairman of the Xiamen Municipal Committee of the Chinese People's Political Consultative Conference Mr Huang Peiqiang.
Dr Chiang said, "Hong Kong is Fujian's largest source of foreign direct investment as well as its largest investment destination. It is also the key listing market for Fujian enterprises. Under the 'one country, two systems' principle, Hong Kong offers distinctive advantages as a springboard for mainland companies to 'go global'. The HKSAR Government is committed to developing the city as a multinational supply chain management centre. Hong Kong, as Asia's preferred international financial and business centre, offers Mainland enterprises comprehensive and well-developed professional services, making it the best place for them to set up and manage offshore trade centres."
Mr Zhou said, "In the process of China's reform and opening up, Hong Kong serves as a main bridge for trade and investment, and an important channel for international capital to enter the Mainland market. One of the points emphasised at the Third Plenary Session of the 20th Central Committee of the Communist Party of China is about reinforcing international co-operation in industrial and supply chains. Hong Kong and Fujian can contribute a lot on this frontier. Hong Kong is a global financial and wealth centre, and a hub for high-calibre talent; the city has unrivalled advantages to become an important multinational supply chain centre". He also told the seminar about the function of the Commercial Office of the Economic Affairs Department of the LOCPG in the HKSAR. The Commercial Office is the representative of the Ministry of Commerce in Hong Kong, offering consultation and services to enhance the two-way investment and economic and trade communication between the Mainland and Hong Kong.
The Head of Mainland and GBA Business Development of InvestHK, Ms Loretta Lee, talked about Hong Kong's unique business advantages and the range of services that InvestHK offers to Mainland enterprises in assisting them to achieve high-quality development via Hong Kong. Assistant General Manager of the Business Divisions-Structured/Special Risk Solutions of the Hong Kong Expert Credit Insurance Corporation Mr Dennis Wong talked about the role of the Hong Kong Expert Credit Insurance Corporation. In the panel session under the theme of "Multinational supply chain management centre: application and practice", Executive Vice President and Head of Sales and Client Management, Global Trade Solutions of Hang Seng Bank Limited, Mr Matthew Lam; the Chairman of Pace Supply Chain International Limited, Mr Simon Pun; Deputy General Manager of the International Development Department of Xiamen ITG Group Corp Ltd Mr Allen Lian; as well as Mr Wong, shared practical experiences in investment in Hong Kong.
For photos of the seminar, please visit www.flickr.com/photos/investhk/albums/72177720320193599.
InvestHK promotes Hong Kong's advantages as multinational supply chain management centre during CIFIT Source: HKSAR Government Press Releases
InvestHK promotes Hong Kong's advantages as multinational supply chain management centre during CIFIT Source: HKSAR Government Press Releases
InvestHK promotes Hong Kong's advantages as multinational supply chain management centre during CIFIT Source: HKSAR Government Press Releases
InvestHK promotes Hong Kong's advantages as multinational supply chain management centre during CIFIT Source: HKSAR Government Press Releases
InvestHK promotes Hong Kong's advantages as multinational supply chain management centre during CIFIT Source: HKSAR Government Press Releases
