Timothy Morano
Jul 09, 2025 16:13
The Hong Kong Monetary Authority unveils the Anti-Scam Consumer Protection Charter 3.0, enhancing collaboration among financial, tech, and telecom sectors to combat fraud.
The Hong Kong Monetary Authority (HKMA), in collaboration with the Securities and Futures Commission (SFC), the Insurance Authority (IA), and the Mandatory Provident Fund Schemes Authority (MPFA), has announced the launch of the Anti-Scam Consumer Protection Charter 3.0. This initiative, announced on July 9, 2025, marks a concerted effort to combat financial fraud and enhance consumer protection in Hong Kong.
Strengthening Anti-Fraud Measures
According to the HKMA, the new Charter 3.0 builds upon the foundations laid by its predecessors, Charters 1.0 and 2.0, launched in 2023 and 2024 respectively. The latest charter aims to establish a robust framework for collaboration between financial regulators, technology firms, and telecommunications companies. This framework focuses on six key principles, including the reporting of suspected fraud, scrutinizing advertisers, enhancing internal monitoring, enforcing service terms, and promoting public education and awareness.
Collaborative Efforts
The launch event featured discussions among executives from financial, technology, and telecommunications sectors, addressing the latest trends in financial scams and collaborative strategies to tackle these issues. Eddie Yue, Chief Executive of the HKMA, emphasized the importance of a united front in protecting the public from financial fraud, highlighting the collective strength of various industries in safeguarding consumer interests.
Industry Leaders’ Perspectives
Julia Leung, CEO of the SFC, noted the significance of involving major tech and telecom companies in combating online scams, positioning Hong Kong as a leader in digital security. Clement Cheung, CEO of the IA, highlighted the role of the Charter in enhancing public education and empowering policyholders against sophisticated scams. Cheng Yan-chee, Managing Director of the MPFA, stressed the importance of protecting the retirement savings of Hong Kong’s workforce and urged vigilance against fraudulent activities.
The launch of the Anti-Scam Consumer Protection Charter 3.0 represents a pivotal step in Hong Kong’s efforts to combat financial fraud, leveraging collaboration across various sectors to create a safer and more secure digital financial landscape.
For more details, visit the Hong Kong Monetary Authority.
Image source: Shutterstock
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