The Hong Kong Monetary Authority (HKMA) and the Office of the Privacy Commissioner for Personal Data (PCPD) announced new measures to strengthen cooperation in combatting fraud and preventing the misuse of personal data.
Fraud continues to grow in scale and complexity. During the first ten months of 2025, 35,831 deception cases were reported in Hong Kong, resulting in total losses of HK$6.4 billion.
To address this, the HKMA has introduced several measures since April 2025, including expanded use of Scameter data, amendments to the Banking Ordinance to facilitate information sharing among banks, thematic reviews of anti-fraud measures, sharing of good practices, and public education campaigns such as “Don’t Lend/Sell Your Account.”
To further strengthen the ecosystem approach, the HKMA and PCPD will conduct joint risk-based examinations of selected banks.
The HKMA will assess the implementation of anti-fraud measures, while the PCPD will review data security and access controls designed to prevent unauthorised use or leakage of personal data.
The authorities will also expand public outreach and education, working with stakeholders including the Hong Kong Police Force and The Hong Kong Association of Banks to raise awareness of emerging scam tactics.
Members of the public should stay vigilant when sharing personal data, including account details and login credentials, and follow updates from the HKMA, PCPD, and Police.
HKMA Chief Executive Eddie Yue said,
“Anti-fraud work has been a priority for the HKMA as it helps to uphold public confidence in Hong Kong’s financial system. Collaboration with the PCPD strengthens an ecosystem-based approach to preventing the abuse of the banking system for fraudulent activities.”
Privacy Commissioner for Personal Data Ada Chung Lai-ling said,
“Given the volume of personal data handled by banks, robust security and monitoring measures are essential to prevent unauthorised access or misuse. This collaboration with the HKMA supports the development of stronger fraud prevention and personal data protection practices across the financial sector.”
Featured image credit: Edited by Fintech News Hong Kong, based on image by thanyakij-12 via Freepik
