Did you find this article useful?
These steps help catch and prevent unauthorised transactions, so your banking stays safe.
Transaction monitoring in banks means using technology and data analytics to spot signs of unusual activities on your accounts and cards.
If we see a possible risk, we may need your help to confirm if a transaction is really yours.
Here's what we might do:
We will never ask for your password. If someone calls, sends you an SMS or emails claiming to be from the government, police or HSBC asking for your password, One-Time Password (OTP), or to open an account, do not share anything. Contact us at once.
The SRF is a set of rules introduced by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) in October 2024. It outlines the shared responsibilities of customers, telecom companies and financial institutions in preventing fraud.
As part of the SRF, we'll be adding extra checks to safeguard your accounts. If we detect unauthorised transactions that result in your account balances being rapidly drained, we'll block these transactions and your account until we can verify it with you. In some cases, you may need to re-initiate a transaction after we complete the required verification.
To learn more, read our article 'Fend off fraud' about the SRF and how you can stay safe.
Yes, if your account activity triggers our fraud surveillance system. We'll contact you as quickly as possible through SMS, transactional push notifications, phone calls, or emails. In some cases, we may decline certain transactions or review your account to protect your funds.
If this happens, call our hotline at +65 6-HSBC NOW (6-4722 669) right away to check your account. After that, we'll work to lift the restrictions and restore your full access.
To reach you quickly, please keep your contact details up to date. Also review your notification threshold limits to make sure you receive notifications. Refer to our website to find out how to do this.
Remember, you may be liable for any losses if you don't have your notifications on and are not reachable.
If you see a transaction you didn't make:
Please report any unauthorised transactions or activity as soon as possible, but no later than 30 days after you receive an alert. We may need to understand reasons (if any) for the delay in reporting.
Once you've reported it, we'll act fast to limit any loss, start an investigation, and keep you updated. Investigations can take time, depending on the complexity of the case, but we'll aim to resolve it as quickly as we can.
Take these steps immediately to protect yourself and prevent more fraud:
Our emergency Kill Switch function can block your accounts quickly. Learn more in our Online Banking FAQs.
To block or unblock your cards using the HSBC Singapore mobile app, check the app FAQs.
We use our credit and debits cards for countless transactions. Here are some simple ways to keep them safe:
In addition, you should:
Here are 5 key tips:
We aim to balance security with a smooth customer experience. By understanding the benefits of transaction monitoring, you can help us keep your transactions safe. If you have any questions, call our hotline or speak to your Relationship Manager.
Did you find this article useful?
