Enhancing E-banking Security Measures in Response to New Fraud Cases and Cyber Attacks

In light of the new fraud cases and cyber attack tactics targeting the e-banking, Hong Kong Monetary Authority (“HKMA”) has issued a circular titled “Enhancement to security of electronic banking services” (the “Circular”) on 31 October 2023. Authorised Institutions (“AIs”) are required to implement the proposed enhancement measures as set out in the Circular by 31 March 2024.