Doug Crets reports from Hong Kong for The Standard regarding new requirements by the Hong Kong Monetary Authority to require that banks move to two-factor authentication for online banking access beginning next month.
The Authority's press release announcing the move is available online as well as the text of a brief speech on the subject of two-factor authentication by Mr William Ryback, Deputy Chief Executive, Hong Kong Monetary Authority.
“Two-factor authentication further strengthens the security controls of Internet banking and protects bank customers from Internet banking frauds," said Mr William Ryback, Deputy Chief Executive of the HKMA.
“Hong Kong is one of the first places amongst the developed financial markets to establish such a regulatory requirement which enables Internet banking to continue to flourish under a safe and sound environment."
The Authority has also posted some initial consumer information
explaining two-factor authentication.
READ MORE »