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Transaction monitoring and security

At HSBC, your security is our top priority. We work hard to protect you from fraudulent transactions by using robust transaction monitoring and screening measures.

These steps help catch and prevent unauthorised transactions, so your banking stays safe.

What is transaction monitoring?

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:

  • Send you a two-way SMS transaction alert – you'll need to reply to help us protect your account
  • Send notifications by SMS or email asking you to contact us
  • Decline your transaction
  • Call you for verification or to ask for more details
  • Temporarily block your account, card, or transaction until we confirm it's safe

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.

For more tips on how to avoid fraud or scams, visit our Security Centre.

What is the Shared Responsibility Framework (SRF)

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.

Will you be notified if fraud is detected and your account is blocked?

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.

How do you report fraudulent transactions?

If you see a transaction you didn't make:

  • Call our customer service hotline at +65 6-HSBC NOW (6-4722 669)
  • Chat with us online via the chatbot in HSBC Online Banking or HSBC SG app
  • Contact your Relationship Manager
  • Visit any HSBC branch

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.

What if you suspect your account or card is compromised?

Take these steps immediately to protect yourself and prevent more fraud:

  • Block your accounts or cards
  • Change your passwords
  • Contact our customer service

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.

How can you protect your accounts and cards?

We use our credit and debits cards for countless transactions. Here are some simple ways to keep them safe:

  • Use strong passwords and authentication methods to keep your personal or account details safe
  • Only refer to official sources, like the HSBC website, our app, or the MAS website
  • Keep your device's operating system, browser, and anti-virus software up to date
  • Don't root or jailbreak your device or install apps from outside the official App Store or Google Play
  • Be careful if anyone asks you to open a new account without a good reason

In addition, you should:

  • Think twice before clicking on links in an SMS, email or QR code
  • Enable notifications on your devices and check all alerts before completing any transactions
  • Turn on real-time notifications to monitor your account, even when you're overseas

What steps can you take for transaction fraud prevention?

Here are 5 key tips:

  1. Keep your banking details secret.
  2. Use two-factor authentication.
  3. Check your transactions and statements regularly.
  4. Report any suspicious activity right away.
  5. Stay informed about new fraud tactics by checking our website or MAS advisories.

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.

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