Banks strengthen the fight against fraud, Chan Chun-ying advocates the establishment of automatic detection functions

Financial Legislative Councilor Chan Chun-ying attended today's (23rd) "Brilliant Analysis" program to discuss how Hong Kong's banking sector can assist the government in combating online fraud, and to gain an in-depth understanding of the role of Singapore financial management apps in enhancing the security of online transactions.

Banks implement multiple "checks" to combat fraud

Chen Zhenying pointed out that in recent years, online fraud cases have emerged one after another, causing serious losses to citizens and businesses. In order to effectively combat these crimes, the banking industry needs to strengthen internal monitoring and risk management and establish multiple "checkpoint" mechanisms.

The importance of automatic detection function

Chan Chun-ying suggested that banks should refer to Singapore's practice and set up automatic detection functions to detect suspicious transactions and activities in a timely manner and call the police in a timely manner to prevent the occurrence of financial fraud.

Strengthen online transaction security

In addition to internal management measures, Chen Zhenying also emphasized the importance of strengthening online transaction security. Singapore’s financial management apps have done a good job in this regard and are worthy of reference and learning from the Hong Kong banking industry.

• Improve user awareness of education
• Strengthen identity verification measures
• Encrypt sensitive information