Protecting Customers from Financial Fraud: Hong Leong Bank Introduces Enhanced Security Measures, Increases Customer Education Efforts
Protecting Customers from Financial Fraud: Hong Leong Bank Introduces Enhanced Security Measures, Increases Customer Education Efforts
Kuala Lumpur, 6 October 2022 – Hong Leong Bank and Hong Leong Islamic Bank (“HLB” or the “Bank”) over the course of 2022 has stepped up its communications to customers to enhance their knowledge and awareness of safer online banking practices. These initiatives are fully aligned with, and support, the five measures outlined recently by the Banking industry, along with the concerted industrywide initiatives to combat financial scams.
To enhance its own online banking security, HLB rolled out AppAuthorise in March 2022 as a more secure way to authorise banking transactions that are performed via the HLB Connect and HLB Connect App, which used to require SMS TAC. With AppAuthorise, customers are able to conveniently view their transaction details and approve them securely within the HLB Connect App itself - 60% of HLB Connect App customers have adopted this new transaction authorisation method, with all customers expected to adopt this over the next 8 weeks as the Bank progressively rollout the requirement to have all payments and transfers made on HLB Connect and HLB Connect App authorised using AppAuthorise once the daily accumulative transactions amount is reached.
To further strengthen its online and mobile banking services and safeguard its customers from potential fraud, the Bank is rolling out a “one mobile device per customer” security enhancement where customers can only bind one mobile device to the HLB Connect App at any one time. Additionally, regarding changes to the account settings performed by customers such as transaction limits or registration to new devices, the Bank has also put in place a multi-factor authentication process to ensure that the changes are genuinely performed by the account holders. The Bank will further enhance this over the coming months by introducing a ‘cooling-off period’ before certain account setting changes become effective when done online.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB reiterates that the safety, security and peace of mind of HLB’s customers are always of utmost priority.
“The Bank is steadfast in our commitment to regularly enhance our security measures to ensure that we remain in lockstep with developments in technology so that we can effectively protect our customers from financial scams. Fraud detection is an ongoing 24/7 task, and we are continuously monitoring, learning and identifying the behaviours, patterns and modus operandi of scammers and fraudsters so that we can continuously improve detection, blocking and preventing fraudulent online banking activities,” said Fuda.
On top of strengthening the security of the Bank’s operations, Fuda shared that through its financial literacy CSR platform HLB DuitSmart, HLB has also rolled out various scam and fraud awareness programs among various communities including students and single mothers.
“We have incorporated sessions about scam and fraud prevention in our financial literacy workshops with university and secondary students since 2021, for example, as part of our HLB DuitSmart initiative, as we believe that being cyber smart will empower customers to recognize the tell-tale signs of scams and fraud. This is an essential financial life skill. We hope that the people we train and interact with will then be able to be effective ambassadors of financial literacy for their families and friends, alerting them of safe online behaviours, as well as, the current scams, fraud tactics and threats to online banking,” added Fuda.
The Bank has a 24/7 Contact Centre at 03-7626 8899 for customers to report or enquire about scam and fraud incidences or suspicious transaction activities, supported by a dedicated Fraud Management Unit to investigate and assist customers when required. The Bank also maintains various materials on its website at www.hlb.com.my/security for more information on fraud/scam awareness. Customers are also encouraged to read and become familiar with various alerts that the Bank regularly posts on social media and on its digital assets (internet and mobile app).
For more information, please visit www.hlb.com.my
