Strengthening the Fight Against Digital Fraud: Launch of the Anti-Scam Consumer Protection Charter 3.0

Digitalisation has brought numerous benefits, including the convenience of digital payments and online shopping. However, the surge in digital activity has also enabled fraud and scams to proliferate on an unprecedented scale. According to the Hong Kong Police Force, over 44,000 cases of deception were recorded in 2024 — a fourfold increase over the past five years.

In response, Hong Kong’s financial regulators — the Insurance Authority (IA), Monetary Authority (HKMA), Securities and Futures Commission (SFC), and the Mandatory Provident Fund Schemes Authority (MPFA) — have jointly launched the Anti-Scam Consumer Protection Charter 3.0, marking another critical step in the ongoing effort to combat financial fraud.

While the HKMA and the banking sector have led the charge against digital fraud, it is clear that no single party can tackle this threat alone. The fight requires cross-sector collaboration, involving both public and private sectors, and engaging the broader community. This was the driving force behind the launch of the first two Charters in 2023 and 2024, which saw participation from over 300 financial institutions and merchants. These participants pledged not to send messages containing embedded links requesting sensitive personal data, thereby raising public awareness about phishing.

However, digital scams have evolved well beyond phishing. Fraudsters now use instant messaging apps, social media, phone calls, and SMS — often in increasingly sophisticated ways. Many of us regularly receive suspicious messages or calls. Some promote fake investments or job offers; others impersonate law enforcement, relatives, or friends. Technology such as deepfakes is being used to forge the voices and images of government officials or respected business figures, making scams appear more credible.

To address these evolving threats, collaboration with technology and telecommunications companies is essential. Internationally, there is growing recognition of the need for platforms to more effectively remove fraudulent content and verify advertiser authenticity. In Hong Kong, the HKMA and partner regulators have proactively engaged with these companies to explore joint anti-fraud measures.

Key Principles of Charter 3.0
The Anti-Scam Consumer Protection Charter 3.0 outlines six principles across four focus areas:

Reporting Mechanisms:
Participating firms will provide users with reporting functions and offer regulators a direct, streamlined channel for reporting suspected fraud in a timely and effective manner.
Advertiser Verification & Monitoring:
Firms will adopt a risk-based approach to verify advertisers and monitor advertisements promoting financial services or products. This aims to create a safer online environment for users.
Content Removal:
Participants will actively enforce their terms of service by detecting and removing scam-related advertisements and content that violate platform policies.
Public Education:
Educating the public remains vital. Partner firms will collaborate on wide-reaching promotional campaigns to enhance public awareness of online scams and improve digital literacy.
This charter establishes a collaborative framework between financial regulators, technology providers, and telecoms companies — uniting efforts to protect the public from online scams and fraud.

The initiative is supported by the Consumer Council, Hong Kong Association of Banks, Hong Kong Police Force, and the Office of the Communications Authority.