ZA Bank’s Risk Prevention Tech Thwarts HKD 4 Billion Fraud, Earns Award from Police

ZA Bank’s Risk Prevention Tech Thwarts HKD 4 Billion Fraud, Earns Award from Police

by March 18, 2024

Hong Kong’s virtual bank ZA has reported a 400% improvement in its risk control and cybersecurity capabilities through the use of in-house developed systems.

The bank’s proprietary systems now allow for real-time fraud monitoring of 100,000 transactions daily, a fourfold increase in efficiency since its inception.

ZA Bank’s anti-fraud decision-making has been accelerated to as fast as 40 milliseconds, nearly four times quicker than when it first began operations. Additionally, the system is capable of analysing and processing an average of 10 transactions per second.

The bank has also made headway in using network analytics to uncover suspicious financial activities, successfully identifying irregularities involving approximately HKD 4 billion.

Since its launch in 2020, ZA Bank has integrated about 20 digital solutions concerning regtech, risk management, and cybersecurity, with nearly half of these developed internally.

These include the “X Decision” real-time fraud detection solution and a comprehensive back-end anti-fraud management system. The bank’s risk management and IT security systems, now in their third generation, operate continuously to protect users’ assets.

ZA Bank has also introduced ZA Verify, a security feature for ZA Card transactions, which evaluates each transaction for risk and requires user verification through its app for any transaction deemed risky.

The bank’s efforts in risk prevention and asset protection were recently recognised with the annual “Good Organisation Award” from the Hong Kong Police Force.

ZA Bank claims to be the only bank to be awarded in this category this year, as well as the first local digital bank to receive the award.

Ronald Iu

Ronald Iu

Ronald Iu, CEO of ZA Bank said,

“ZA Bank is pleased to receive the Good Organisation Award. We have always been committed to leveraging fintech and our in-house technology to keep users’ money safe and prevent money laundering and fraud risks.


We will continue to invest in the detection and prevention of suspicious financial activities, and strive to provide innovative services while promoting the development of regtech and other related areas.”


Featured image credit: Edited from Freepik