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FINANCIAL SERVICES | Tony Chua, Hong Kong
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Banks to upgrade safety features in sending passwords via SMS

Lenders and EPS will enhance their monitoring of suspicious transactions before upgrade launch.

A new safety arrangement on the sending of banking passwords via text message will be implemented next month.

The Monetary Authority said Friday telephone operators will deliver text message one-time passwords from banks and the EPS payment company to the registered mobile phone of customers regardless of whether the SMS forwarding service of that particular mobile phone number has been activated.

The new arrangement will be implemented by the end of October. Before it takes effect, banks and EPS will enhance their monitoring of suspicious transactions, according to a Monetary Authority report.

If customers receive a notification their SMS forwarding service has been activated when they have not made such a request, they should contact their telephone operators and their banks, or EPS, immediately to check that their bank accounts have not been tempered with.

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