Anti-Scam Consumer Protection Charter 3.0 Launches in Hong Kong

Strategic Insights -

The Bank for International Settlements (BIS) hosted a launch event for the Anti-Scam Consumer Protection Charter 3.0 in Hong Kong, highlighting the growing threat of digital fraud and scams and the need for cross-sectoral collaboration to combat them. The charter, which builds on the success of its predecessors, aims to prevent and detect fraud and scams on online platforms and telecommunication networks through six key principles.

Key Takeaways:

  • The charter has been launched in response to a fourfold increase in deception cases recorded by the Police in Hong Kong over the past five years, with over 44,000 cases in 2024.
  • The charter has been developed in collaboration with major technology and telecommunications companies operating in Hong Kong, as well as regulatory bodies such as the Hong Kong Monetary Authority, the Securities and Futures Commission, and the Insurance Authority.
  • The charter comprises six principles focused on reporting, checking the identity of advertisers, taking down fraudulent advertisements, and educating the public to recognize suspicious activities.
  • Participating firms will provide users with reporting functions and a direct channel for reporting suspected fraud and scams to financial regulators.
  • Firms will adopt a risk-based approach to verify advertisers, monitor advertisements and contents, and remove financial scam advertisements or contents that violate platform policies.
  • Educational campaigns will be launched to raise public awareness and help users recognize suspicious activities.

Statistics:

  • Over 44,000 deception cases were recorded in Hong Kong in 2024, representing a fourfold increase over the past five years.
  • The Anti-Scam Consumer Protection Charter 3.0 has been developed with the support of over 300 financial institutions and merchants.
  • The charter aims to prevent and detect fraud and scams on online platforms and telecommunication networks, focusing on four main areas: reporting, checking the identity of advertisers, taking down fraudulent content, and educating the public.

Sources:

  • Bank for International Settlements (BIS) - Anti-Scam Consumer Protection Charter 3.0
  • Hong Kong Monetary Authority (HKMA)
  • Securities and Futures Commission (SFC)
  • Insurance Authority (IA)
  • Mandatory Provident Fund Schemes Authority (MPFA)
  • Consumer Council
  • Hong Kong Association of Banks
  • Hong Kong Police Force
  • Office of the Communications Authority (OFCA)