Hong Kong Partners with Tech Giants to Tackle Online Financial Fraud

Hong Kong regulators have launched the Anti-Scam Consumer Protection Charter 3.0, a new framework developed in partnership with major technology and telecom firms — including Google, Meta, Douyin, WeChat, Weibo, and Xiaohongshu — to combat rising online financial fraud.

The initiative, introduced by the Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority, and MPF Schemes Authority, outlines six core principles. These include fraud detection, advertiser vetting, internal platform monitoring, enforcement of terms, and public education.

The move follows a sharp rise in online scams, with over 44,000 fraud cases reported in 2023. Authorities say stronger collaboration with digital platforms is essential to fighting investment and employment scams and safeguarding consumers in Hong Kong’s financial ecosystem.