The Hong Kong Association of Banks (HKAB) announced that major retail banks in Hong Kong are stepping up their security measures to shield customers from evolving malware scams.

Aligned with guidance from the Hong Kong Monetary Authority and the Hong Kong Police Force, these banks will introduce additional anti-malware security measures tailored to their respective customer base and systems starting in late February 2024, according to individual implementation schedules.

This proactive strategy leverages insights from combating fraudulent activities in global markets.

When malware or suspicious apps are detected on customers’ devices in Hong Kong, the new anti-malware security measures embedded within banking apps will trigger immediate responses.

These actions may include blocking access to the banking app, providing guidance to remove malware or suspicious apps, or adjusting permissions to prevent unauthorised transactions.

The primary objective is to safeguard bank accounts from unauthorised access. These measures will not involve monitoring or surveillance of customers’ mobile devices, nor will they collect or retain personal data.

While these security measures may impact the banking experience for customers, banks are committed to striking a balance between fraud prevention and providing a seamless digital banking experience.

Banks will also evaluate the effectiveness of their current fraud monitoring and customer authentication controls across various channels. HKAB emphasizes the importance of public vigilance and advises against downloading apps from unofficial sources under any circumstances.

Featured image credit: Edited from Freepik