Hong Kong’s four financial regulators have teamed up with technology and telecommunications firms to launch the Anti-Scam Consumer Protection Charter 3.0, expanding a year-old initiative that targets a surge in digital fraud against the city’s seven million residents.
The Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Schemes Authority unveiled the latest version of the charter at a ceremony on Wednesday.
Backed by the Consumer Council, the Hong Kong Association of Banks, the police force and the Office of the Communications Authority, the new framework sets out six principles that cover real-time reporting of suspected fraud, vetting of online advertisers, tougher internal monitoring and joint public-education drives.
Eddie Yue, chief executive of the HKMA, said regulators and private companies must “act as one” to keep ahead of increasingly sophisticated scams that spread rapidly across social-media platforms and messaging apps.
“The fight against financial fraud and scams and to protect the public requires a united front, bringing together the public and private sectors, as well as the community at large,” Yue told reporters after the signing ceremony.
The charter’s first two iterations, rolled out in mid-2023 and early 2024, focused mainly on banking channels and payment platforms.
Version 3.0 formally brings global technology firms and local telecom operators into the fold, a move officials say will help intercept fraudulent content closer to its source and raise the chance of freezing illicit proceeds before they disappear offshore.
Julia Leung, chief executive officer of the SFC, said the updated pact aligns Hong Kong with similar cross-sector efforts in markets such as Singapore, the United Kingdom and Australia. She added:
Charter 3.0 is a meaningful step forward, bringing in major technology and telecommunications companies to join the fight against online scams. It is our shared responsibility to disrupt these threats at their source. This initiative not only echoes global governments and regulators’ call to action but also positions Hong Kong as a leader in safeguarding the financial world’s digital future. Together, we are building a safer, more responsible online landscape that prioritises vigilance, collaboration, and public trust.
Insurance Authority chief executive Clement Cheung noted that fraudsters have begun using fake policy offers and deep-fake voice calls to trick policyholders into surrendering or refinancing coverage. “We are ramping up outreach so consumers recognise red flags before funds leave their accounts,” he said.
Cheng Yan-chee, managing director of the MPF Schemes Authority, urged workers to guard their retirement savings by reporting suspicious approaches.
Hong Kong logged more than 34 000 deception cases last year, according to police data, with online investment, romance and job-seeking scams accounting for over 70 percent of reports. Losses topped HK$9 billion ($1.15 billion), nearly double the 2022 tally.
Under Charter 3.0, participating tech and telecom firms agree to set up dedicated reporting channels for regulators, remove fraudulent advertisements that mimic legitimate financial brands and strengthen know-your-advertiser checks.
Signatories will also run joint campaigns to teach consumers how to verify domain names, spot spoofed phone numbers and use official hotlines before transferring money.
The regulators plan to publish an annual scorecard that tracks how quickly firms act on takedown requests and how many scam leads are handed to law-enforcement officers.