The Current State of Mobile Banking Security Among Hong Kong’s Retail Banks

In response to increasing malware scams and cyber-attacks targeting mobile banking apps, the Hong Kong Monetary Authority (“HKMA”) has strengthened the security requirements outlined in the Supervisory Policy Manual (“SPM”) TM-E-1 Risk Management of E-banking.

There is a particular focus on mobile device usage. The HKMA expects banks to conduct comprehensive reviews and implement specific risk management measures to effectively mitigate the risks associated with malware scams. By proactively adopting these measures, banks can enhance the security of their mobile banking apps and protect their customers.

In February 2024, KPMG conducted market research on mobile banking security controls against malware scams.

This flyer summarieses the current state of mobile banking security and provides an overview of the mobile security measures banks can adopt.