In line with the single secure mobile device restriction, HSBC says its customers are already limited to only one mobile device with access to their Mobile Secure Key via its Mobile Banking app. Access to the app is also protected by added security in the form of biometric authentication or the user’s 6-digit pin.
As an additional precautionary safety measure, HSBC will in the near term, be implementing a cooling-off period for various high-risk account changes such as first-time registration of online and mobile banking, and transaction limit increase.
The Bank says it has also taken various stringent countermeasures to protect its customers against the risk of fraudulent or unauthorised transactions, such as multi-factor authentication for secured online transactions and real-time monitoring to detect high-risk transactions.
Moreover, HSBC customers are also advised to temporarily block their credit cards by using the self-serve feature available on their Mobile Banking app if they suspect their cards have been compromised or misplaced. With the card being temporarily blocked, point-of-sale transactions, contactless transactions, device wallet (such as Samsung Pay), and online transactions will not go through.
The bank adds it is cognizant of the methods used by criminals conducting cybercrimes and financial scams will continue to evolve and urges customers to continue to stay vigilant and monitor their banking and card transactions. On its part, the Bank will work closely with its partners in ensuring that the financial assets of its customers are always protected.
