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In mid-October 2023, the Hong Kong Financial Authority (HKMA), in a round to banks, pushed for the enlargement of interbank information-sharing platforms to incorporate private accounts, the introduction of real-time fraud alerts to boost transaction monitoring, and the development of fraud alerts for financial institution prospects with native Quicker Cost System (FPS).
The HKMA adopted this up with the launch of the FPS suspicious proxy ID alert and the Anti-Deception Alliance in November.
And the necessity is pressing with Hong Kong seeing a practically doubling of banking fraud complaints in the primary 9 months of 2023 with 954 complaints, in contrast with 555 in the entire of 2022, in response to the HKMA.
Chatting with FinanceAsia, Thanh Tai Vo, director of fraud and identification of Apac, LexisNexis Danger Options, stated: “There was a rise in fraud and scams in Hong Kong, together with social engineering fraud, utilizing cash mules to launder proceeds from legal actions, phishing scams and malware – resembling tricking customers into downloading malicious apps. New on-line financial institution accounts openings are additionally being attacked.”
Singapore-based Vo added: “When shoppers are interacting on-line, a number of digital information factors and on-line digital footprints are generated, which means the necessity for real-time detection is extra essential than ever.”
There’s a now an pressing want for licensed banks, and likewise saved worth facility operators (SVFs) integrated in Hong Kong, to assist educate the publlic and implement real-time fraud monitoring methods.
Vo defined: “There are instruments which can assist and the sharing of knowledge and confirmed fraud information amongst banks can be extraordinarily essential transferring ahead as info is usually fragmented.”
“For instance, in summer season the HKMA, the Hong Kong Affiliation of Banks and the Hong Kong Police Drive launched the Monetary Intelligence Analysis Sharing Device, a bank-to-bank info sharing platform. That is being rolled out in phases.”
“We use instruments resembling LexisNexis ThreatMetrix, leveraging LexisNexis Digital Id Community, which processes over 100 billion transactions yearly to assist monitor scammers globally,” he continued.
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