Hong Kong Intensifies Battle Against Fraud

The Hong Kong Monetary Authority (HKMA) has reported a significant surge in the fight against bank fraud, with 954 complaints received in the first nine months of 2023. This marks an alarming almost twofold increase compared to the entirety of 2022, as also confirmed by the Central Bank of Hong Kong. In contrast, there were 555 complaints recorded in 2022.

In response to the rising threat, the regulatory body has proposed enhanced collaboration among banks to share information pertaining to personal accounts. The specifics of this information exchange are yet to be disclosed, leaving uncertainty about the details banks are required to furnish regarding their customers and personal accounts.