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Greetings!
In the light of recent Internet banking fraud cases that involve increasingly sophisticated fraudulent techniques reported widely around the world, the Hong Kong Monetary Authority (HKMA) issued a circular on July 13, 2009, requiring all authorized institutions (AIs) to step up their security controls over their Internet banking services.
The HKMA noticed that the recent fraudulent technique adopted by fraudsters is believed to involve infecting the customer's PC with Trojan horse programs to hijack the Internet banking login credentials of customers (including one-time passwords for two-factor authentication) during the Internet banking login process.
The hijacked login credentials were used by the fraudsters to conduct high-risk Internet banking transactions such as making fund transfer to an unregistered third-party account.
"Given the increasingly sophisticated fraudulent techniques, there is a need for AIs to step up their security measures to combat Internet banking frauds," said an HKMA spokesperson.
HKMA now requires all authorized institutions to notify their customers immediately via SMS after completing an online high-risk transaction.
If you want to implement a real-time, holistic, multi-layered, cross-channel fraud prevention and risk mitigation software solution like ReadiONE, please get in touch with us at Contact@ReadiMinds.com.
You may also approach us for security advisory and training services.
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