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Beware of the unauthorized FPS transaction and SVF setup

Release Date: 25 Oct 2018 2819 Views

Recently, there were reports about unauthorized money transfer between bank account and stored value facilities (SVF). On 30 Sep 2018, the Hong Kong Monetary Authority (HKMA) has launched Faster Payment System (FPS), which enables person-to-person interbank fund transfer using phone number or email address as recipient, and also top-up of some SVF. Whether you are using such payment facilities, you are suggested to take the following precaution measures:

  • Do not disclose your personal information including the images of your identity documents such as HKID and passport and bank account numbers to strangers. Criminals may make use of your personal information to set up an SVF account on behalf of you.
  • Secure your online banking login. Beware of any suspicious email which asks you to provide your login credentials. Also set up strong passwords for your online banking.
  • Secure your email account with strong password and multi-factor authentication, especially when it is used for your online banking and other payment facilities.
  • Ensure that the mobile phone number and email address used in FPS and SVF registration can be reached by you. If you have received any SMS or email about account registration, account update or transaction, you should check these notifications to identify any unauthorized changes or transactions.
  • Secure your PC and mobile device with security tools and device lock.
  • Review your bank account and SVF activity and statements regularly.