New Anti-Digital Fraud Measures: "E-Banking Security ABC" – "Bye to unused functions" and "Cancel Suspicious Payments"

The Hong Kong Monetary Authority recently launched three new online banking security measures, namely "Authenticate in-App", "Bye to unused functions" and "Cancel suspicious payments".

To protect the security of customers' bank accounts, the Bank will implement the above security measures in phases starting from the second quarter of this year.

"Authenticate in-App" means that when customers log in to online banking and conduct high-risk transactions, they must authenticate through the bank's mobile app instead of using SMS one-time passwords. It is expected to be launched in the third to fourth quarter. For details, please pay attention to the customer notification issued by the bank later.

"Bye to unused functions" means that allows customer to choose to deactivate (i) online registration of third-party payees and (ii) online increase of transfer limits. Starting from June 22, 2025, the Bank will add "Bye to unused function" security measure, allow customer opt to deactivate the following functions:

1. Online registration of third-party payees (including third-party account(s) within our bank and other local bank/TT/demand draft/cashier order)
2. Online increase of transaction limit.

Customer can deactivate or reactivate designated high risk transaction(s)/function(s) via: (i) the "Manage Designated High Risk Transaction(s)/Function(s)" function under "Personalize > Internet Banking" in Personal Internet Banking (INB)/"Shacom Bank"; or (ii) by visiting any of our branch to complete "Personal Internet Banking Deactivate / Reactivate Designated High Risk Transaction Form".

Please note:

1. After deactivating the selected transaction / function type, those transaction(s) / function(s) will be deactivated and unavailable for use. Registered third-party payees (including third-party account(s) within our bank and other local bank/TT/demand draft/cashier order) are still valid.
2. For deactivation of designated high risk transaction(s) / function(s) via Personal Internet Banking (INB)/"Shacom Bank", it will take effect immediately；For reactivation of designated high risk transaction(s) / function(s), it will take effect after 24 hours.
3. For deactivation/reactivation of designated high risk transaction(s) / function(s) via branch, the request will be effective in 2 working days.

"Cancel suspicious payments" means further enhance the effectiveness of alerts displayed under the Suspicious Account Alert mechanism, including by adjusting their duration and content. Starting from 16 Jun 2025, the Bank has launched relevant measures in various online channels.

When a transfer triggers the Hong Kong Police Force's "Suspicious Account Alert", the alert will be displayed for a period of time. This allows customers to have sufficient time to review the associated risks and cancel the transaction.

If the customer still wishes to proceed with the transaction, please visit any of our branches in person with the recipient's account details to complete the transaction.