We are creating some awesome events for you. Kindly bear with us.

HK anti-fraud squad fighting cybercrime vigilantly

Over HK$2.6 billion from nearly 830 victims of internet and phone scams have reportedly been transferred in and out of Hong Kong bank accounts during the first half of 2019.

The funds were defrauded in a range of deceptions, including online romance scams, commercial email frauds, investment and phone scams.

Half of the illegal money moving through the city was intercepted by officers of the Anti-Deception Coordination Centre, who launched a range of operations to uncover scams that originated in Hong Kong and across the globe. The remaining HK$1.3 billion was pocketed by international fraudsters.

The local anti-fraud officers stated that nearly HK$140 million was scammed from an investment company in Uruguay. It was this year’s largest single loss intercepted by the anti-fraud squad.

According to police, email scammers impersonating a business partner tricked the South American firm into transferring HK$141 million into two Hong Kong bank accounts in April 2019.

For the first time was since the anti-fraud squad was set up in July 2017, its officers managed to freeze defrauded money in an overseas bank account.

The squad, which is under the Commercial Crime Bureau, pools police resources to handle fraud cases and runs a 24-hour hotline. The special unit collects intelligence, formulates strategies, offers support and organises investigations.

Between January and June, the squad received 829 requests to intercept payments of HK$2.61 billion from victims of scams in Hong Kong and around the world. Officers halted the payments totalling HK$1.29 billion to fraudsters in 304 of the cases.

In the same period last year, there were 680 requests involving HK$2.29 billion. Police helped to freeze more than HK$350 million in 180 of the cases.

Some of the requests were made by overseas companies and law enforcement agencies. Hong Kong police were involved because the money was transferred to bank accounts in the city.

It was noted that large sums of money are usually divvied up into smaller portions to avoid raising suspicions from bank officers. Then, it is transferred into several bank accounts and laundered through layers of accounts before being transferred out of Hong Kong to other countries in Asia, America or Europe.

The anti-fraud unit, which is staffed by police and customs officers, is responsible for assessing all reports made in Hong Kong about suspicious transactions.

Cases it believes deserve further investigation are forwarded to investigators elsewhere in the police force or to the Customs and Excise Department.

Hong Kong police layout guidelines for better cybersecurity

To help Hong Kong’s netizens steer clear of cybersecurity issues and protect themselves from predatory scammers, the Government has created a manifesto.

Netizen is told to remain vigilant and avoid falling prey to these traps. To protect themselves, they should:

  • properly configure malware scanning software and keep malware signature files up-to-date;
  • secure their wireless networks;
  • protect information with strong passwords;
  • not use software from unknown sources;
  • not download files or software from the Internet indiscriminately;
  • not disclose personal data like name, email address and passwords; and,
  • apply the latest security patches or hot-fixes from product vendors to their operating system or the applications installed on their computers.

Protecting Hong Kong netizens

In addition, OpenGov Asia reported that the Hong Kong Monetary Authority plans to beef up its cyber risk management protocols and infrastructure to protect the interests of its customers.

In the Hong Kong Monetary Authority (HKMA)’s year-end review presentation (for 2018), it was announced that the financial sector will be stepping up its efforts to combat cybercrimes through the Cyber Resilience Assessment Framework (C-RAF).

C-RAF is a three-part assessment instrument that helps AI evaluate cyber resilience for the banking industry.

The first step in the framework is to assess the level of cybersecurity risk inherent in the bank’s existing systems and put them into buckets such as ‘low,’ ‘medium,’ or ‘high’ risk.

After that, an artificially intelligent (AI) algorithm can be used to determine if the level of the bank’s cybersecurity is mature enough. If it isn’t, the AI can be used to outline a plan to improve its resilience.

Finally, the framework will recommend a test that simulates real-life cyber-attacks.

Managing cybersecurity is not going to be easy for IT professionals. However, the government must work with the financial sector, invest significant resources and pay attention to the trends in cybersecurity to safeguard Hong Kong’s netizens.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend