Online banking scams in Hong Kong rose threefold in 2018

There were 62 cases of phishing last year.

Cybercriminals did not let up on Hong Kong’ banking sector as online scams increased threefold to 142 reported cases in 2018, according to data from the Hong Kong Monetary Authority (HKMA) reported by South China Morning Post.

There were only 44 reported incidents of online scams in 2017 and 35 in 2016.

Also read: How can Hong Kong banks reconcile third party data sharing with cybersecurity?

Phishing emerged as the fastest-growing cyberscam in Hong Kong in 2018 with 62 reported cases compared to 7 in the previous year. This was followed by cases of fraudulent bank websites and suspicious mobile banking apps.

In September 2018, Hong Kong launched a scheme strengthening its cyber security defenses called Cybersec Infohub that aims to promote and facilitate exchange of cybersecurity information between the public and private sectors and the larger community.

A study by Microsoft revealed that cyberattacks could easily wipe out about 10% of Hong Kong's GDP or around $249.6b annually over the next few years. “As companies embrace the opportunities presented by cloud and mobile computing to connect with customers, they take on new risks,” Microsoft Asia chief cybersecurity officer Michael Montoya said in a statement.

Also Read

Standard Chartered launches digital request quote module Autoquote

Citi launches Token Services for Cash for institutional clients

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit