Business
Hong Kong Banks Exceed Customer Expectations in Countering Cyber Fraud, FIS Survey Reveals
A survey reveals that Hong Kong banks are surprisingly good at admitting to cyber fraud incidents and tackling them. Findings show that over 50% of these banks owned up to the issues and compensated for the losses, a response that only 44% of customers anticipated, according to research by FIS.
Hong Kong banks are exceeding expectations in assuming complete accountability and refunding money lost in fraudulent incidents associated with online banking or finance applications, as per a study conducted by the fintech firm FIS.
Around 53% of those surveyed indicated that their banks took on complete liability and refunded all the money they lost due to fraudulent activities like unauthorized account access or personal and financial data theft. This outcome was surprisingly positive, given that merely 44% anticipated that their banks would assume total responsibility no matter the cause of the fraud, according to FIS.
Over one-third reported that they received partial accountability and reimbursement, while approximately one in ten didn't get any money back as their banks assumed no liability for the fraudulent activities.
Kanv Pandit, the head of corporates and international banking at FIS, stated that banks have increased their efforts in combating fraud and scam threats. They have done so by gaining a better understanding of the problem and recognizing the importance of maintaining trustworthy relationships with their customers.
"The financial sector now possesses a more advanced and clarified perspective on what is causing deception and swindle losses, and those who have been affected," he further stated. "The overall industry's understanding has significantly improved compared to just two years ago."
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