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HKMA Initiates Consultation with Banks on Framework for Compensation Claims in Authorized Payment Fraud Cases
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Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), released an article pointing out that the number of fraud cases has remained persistently high in recent years. In response, the HKMA, together with the banking sector and various stakeholders, has rolled out a series of anti-fraud measures and tools to strengthen banks' ability to detect suspicious transactions and the public's self-protection, while stepping up publicity and education to raise awareness of scams. Earlier, the HKMA proposed working with the banking industry to develop a framework to guide banks in handling compensation claims for losses arising from authorized payment fraud. It will start consulting retail banks on the proposed framework today (26th). According to Yuen, the proposed framework will take into account not only whether banks have in place proactive and effective monitoring systems and control measures to help customers identify and prevent fraud, but also the responsibilities that customers themselves should bear. AAStocks Financial News |
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