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HKMA Urges Banks to Verify Online Credit Card Deals via Pre-set Binding Devices
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The Hong Kong Monetary Authority (HKMA) issued a notice to banks, which stated that card-issuing banks should work with card scheme operators to require customers using mobile banking apps customers to verify online credit card transactions through a pre-set binding device instead of using SMS to send one-time passwords for verification, in order to strengthen anti-scam measures. Banks are required to implement the measures by the end of this year. The HKMA pointed out that the requirement is primarily addressing to a new strategy recently observed by the HKMA in malware fraud cases, in which fraudsters trick customers into installing malicious mobile apps that leak their credit card details and SMS one-time passwords. In some cases, the SMS OTP was intercepted by the malicious app. The scammers then used the phishing credentials to make unauthorized transactions, the HKMA pointed out. These incidents highlight the need to strengthen security measures to protect customers from evolving fraudulent practices. AAStocks Financial News |
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