Hong Kong unveils new e-banking rules to fight fraud

The Hong Kong Monetary Authority (HKMA) will launch new anti-fraud measures on Monday to curb financial scams that caused losses of HKD9.15bn (USD1.2bn) in 2024. Branded “E-Banking Security ABC,” the initiative includes stricter transaction authorisation, disabling high-risk functions, and enabling the cancellation of suspicious transactions. The measures will bolster electronic banking security and complement the “Money Safe” feature for elderly users, which will expand to all customers in September. The HKMA’s move comes as scam cases rose to over 44,000 last year. Major banks including HSBC, Standard Chartered, and Bank of China (Hong Kong) will adopt the new tools this month, with 11 others joining later.