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Home > Resources Center > Blog

2018-10-29

E-wallet fraud cases

Information Security

E-wallet fraud cases

The recently-launched Faster Payment System (FPS) arises a number of fraud cases leads to a combined loss of HK$180,000. This is a typical vulnerability when new technologies encounter the old process. Some complainants reported their personal data has been stolen and used to set up accounts in different e-wallets, then link to counterfeit Electronic Direct Debit Authorization (eDDA) to the bank account and enable top-up transfers from different banks via FPS. Hong Kong Monetary Authority ordered banks to suspend auto transfers top-up e-wallet feature immediately.

We strongly recommend banks should rigorously certify existing Direct Debit Authorization (DDA) processes to eliminate vulnerabilities. For example, when receiving the DDA instruction, SMS is used for two-factor authentication to provide faster notification to the customer.

As a bank customer, you should also login to your internet banking account regularly to check the authorizations you have made. If direct debit is no longer required, should have notified the bank to remove the authorization.

As your trusted ICT solution partner, we also provide a variety of two-factor authentication solutions for financial institutions to protect customer accounts. 

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