On Apr. 11, 2025, HKMA advised stored value facility (SVF) licensees to critically assess business operations using guidance in circular to identify APS vulnerabilities.
Where vulnerabilities are found, SVF licensees shall implement appropriate system enhancements; measures shall be considered when developing products and services.
HKMA will monitor, review steps taken by SVF licensees to implement these measures.
On Dec. 20, HKMA issued measures to help protect bank customers.
HKMA issued measures to protect customers from authorized payment scams (APS).
Follows HKMA Jan. 2024 proposed data sharing among institutions, see #198757.
Overview of Measures
Authorized institutions (AIs) must establish a framework with policies, procedures, supported by senior management, trained staff, to detect, deter, disrupt APS.
They should implement dynamic monitoring systems that consider customer profiles, transactional behavior, scam trends, and intelligence from platforms like FINEST.
When high-risk transactions are detected, AIs should promptly alert customers, probe the transaction's purpose, and take follow-up actions based on the risk level.
Seek assistance from the Hong Kong Police Force (HKPF) if scams are suspected; temporarily hold transactions if necessary, ensure customer contact for clarification.
AIs are encouraged to adopt advanced technologies to enhance detection capabilities.
In addition, AIs should actively participate in anti-deception initiatives, including the 24/7 stop payment mechanism, to intercept crime proceeds and assist scam victims.
Effectiveness
All measures must be implemented as soon as practicable, and before Jun. 30, 2025.
Apr. 2025 Stored Value Facility Licensees
On Apr. 11, 2025, HKMA advised stored value facility (SVF) licensees to critically assess business operations using guidance in circular to identify APS vulnerabilities.
Where vulnerabilities are found, SVF licensees shall implement appropriate system enhancements; measures shall be considered when developing products and services.
HKMA will monitor, review steps taken by SVF licensees to implement these measures.
