First published: 21st April 2016
Regular surveillance of e-banking platforms by Hong Kong and Shanghai Bank (HSBC) and Bank of China (Hong Kong) (BOCHK) during the last fortnight has revealed unauthorized share trading in eight accounts amounting to HK$6.86 million. The banks have informed the Police and the Hong Kong Monetary Authority (HKMA). The banks said that client compensation would be decided on the details of the individual cases.
The HKMA reassured the public in a press release saying, "In accordance with the Code of Banking Practice, a customer will not be held responsible for any direct loss suffered by him or her as a result of unauthorized e-banking transactions unless he or she acts fraudulently or with gross negligence." It also noted that no unauthorised fund transfers over these accounts were detected and that fund transfers to unregistered accounts were regarded as high-risk and required two-factor authentication.
The HKMA advised people to take precautionary measures including:
- Setting e-banking passwords that are difficult to guess and different from the ones for other internet services;
- Installing and promptly updating security software to protect their computers and mobile phones;
- Refraining from using public computers or public Wi-Fi to access e-banking accounts; and
- checking their e-banking accounts from time to time and reviewing alert messages and statements issued by banks in a timely manner.
Further advice from the HKMA is available on their website.