Hong Kong Unveils Enhanced Anti-Scam Charter 2.0 to Combat Digital Fraud

Hong Kong Unveils Enhanced Anti-Scam Charter 2.0 to Combat Digital Fraud

by April 11, 2024

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have launched the Anti-Scam Consumer Protection Charter 2.0, a comprehensive initiative that significantly enhances measures to protect the public from credit card scams and digital fraud.

This updated charter builds upon the previous version by incorporating over 230 financial and merchant institutions from various sectors, including banking, insurance, and retail, aiming to provide comprehensive protection against digital scams.

The initiative is supported by major regulatory bodies and sectors across Hong Kong, signifying a collective approach towards safeguarding the public.

The Anti-Scam Consumer Protection Charter 2.0 outlines four fundamental principles designed at assisting Hong Kong residents to identify and avoid scams and phishing attacks. It emphasises that no participating institution will send electronic messages that prompt customers for personal or financial information via embedded hyperlinks.

Eddie YueHong Kong Charter 2.0

Eddie Yue

Eddie Yue, Chief Executive of the HKMA, remarked on the significance of expanding the charter.

“Following the positive response to the initial launch, we’re now introducing Charter 2.0 with wider participation across sectors. This move aims to bolster the public’s defense against scams through a collaborative effort,”

he said.

Julia LeungHong Kong Charter 2.0

Julia Leung

In a coordinated effort, the Securities and Futures Commission (SFC) has also encouraged participation in Charter 2.0, highlighting the commitment of 83 SFC-licensed corporations, representing over 80 percent of all active clients in the sector.

Julia Leung, CEO of the SFC, stressed the importance of vigilance among securities clients against fraudulent impersonations.

“The strong support our licensed corporations are pledging to the cause shows the determination of our industry leaders to stamp out investment scams and frauds,”

said Julia Leung, SFC’s Chief Executive Officer.

Featured image credit: Edited from HKMA