HSBC touts 50% increase in suspicious transactions intercepted in past year
Hong Kong’s largest lender prepares to launch a new alert system, as it works to educate consumers about potential scams
HSBC said it is stepping up its efforts to stop scammers and increasing its spending on anti-fraud technology, as the lender unveiled a new alert system that aims to protect online banking users.
The number of suspicious transactions stopped by Hong Kong’s largest bank in the past year increased by more than 50 per cent, while its investments in fraud-countering technologies rose by a double-digit percentage over the same period, it said.
“Fraud undermines trust in banking services, which is why ensuring our customers feel secure is our top priority,” Luanne Lim, CEO of HSBC Hong Kong, said on Thursday at the launch of an educational exhibit about scams.
HSBC’s new alert system, set to launch in the first quarter, flags suspicious activity such as unusual transaction amounts or payments to newly added accounts. It allows payers to review and confirm such remittances before completion. The system can also freeze suspicious transactions for a short period, allowing enough time for users to calm down and think twice.
HSBC’s Fraud University exhibition, at the K11 Musea shopping centre in Tsim Sha Tsui from Saturday to February 16, aims to educate the public about common plots swindlers use to separate people from their money.
