Anti-Scam Consumer Protection Charter 2.0

Unlocking your consumer rights: the ultimate guide to avoiding scams 2.0

The following is issued on behalf of the Hong Kong Monetary Authority:

Following the launch of the Anti-Scam Consumer Protection Charter last year, the Hong Kong Monetary Authority (HKMA) announced today (April 10), in collaboration with the Hong Kong Association of Banks (HKAB), the launch of the Anti-Scam Consumer Protection Charter 2.0 (the Charter 2.0). With the participation of more institutions and merchants, the expanded coverage of the Charter will further assist the public in guarding against credit card scams and other digital frauds.

Over 230 financial institutions and merchant institutions participate in the Charter 2.0 (see Annex 1), covering different aspects of the public's daily lives, including banking, insurance, mandatory provident fund (MPF), securities and futures industries, food and beverage, logistics, transport, travel, and retail sectors (see Annex 2). The Charter 2.0 has received full support from the Airport Authority, the Consumer Council, the Hong Kong Police Force, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Securities and Futures Commission, and the Travel Industry Authority.

The Charter 2.0 focuses on four key principles to assist the public in identifying credit card scams and other digital frauds as well as guarding against phishing messages purportedly to be sent by financial institutions and merchant institutions. Participating institutions commit not to send any instant electronic messages to customers with embedded hyperlinks to acquire bank, credit card, investment, insurance and MPF account or other key personal information online, and to convey anti-scam education messages.

The Chief Executive of the HKMA, Mr Eddie Yue, said, "We are very pleased that the Anti-Scam Consumer Protection Charter launched last year received support and positive feedback from the community. This year, we have taken another step in launching the Charter 2.0 and inviting more financial institutions and merchants from various sectors to participate, enhancing the strength and effectiveness of public protection through concerted efforts. As the Charter expands to cover a wider range of aspects of people's daily lives, we hope to enhance the public's ability to guard against scams through a multi-pronged approach in conjunction with various anti-scam measures of the HKMA."

During the event, Deputy Chief Executive of the HKMA, Mr Arthur Yuen, along with representatives of the HKAB and supporting organisations, shared the latest landscape of scam activities and the measures implemented by institutions to prevent scams, reflecting the efforts of various sectors in tackling the modus operandi of scams to protect the public from falling prey to them. The HKMA once again reminds the public not to click on links indiscriminately, and to exercise caution when handling any suspicious links.

Anti-Scam Consumer Protection Charter 2.0 Souce: HKSAR Government Press Releases

Anti-Scam Consumer Protection Charter 2.0 Souce: HKSAR Government Press Releases

Anti-Scam Consumer Protection Charter 2.0 Souce: HKSAR Government Press Releases

Anti-Scam Consumer Protection Charter 2.0 Souce: HKSAR Government Press Releases

Anti-Scam Consumer Protection Charter 2.0 Souce: HKSAR Government Press Releases

Anti-Scam Consumer Protection Charter 2.0 Souce: HKSAR Government Press Releases

Exploring the impact of ai on hong kong's financial industry: insights from sfst at zhongguancun forum

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, attended the 2024 Zhongguancun Forum Fintech Parallel Forum in Beijing today (April 29).

Mr Hui also called on the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, on the same day. Mr Hui reported to Director Xia on the latest developments and the way forward for Hong Kong financial market and key areas of work under the Financial Services and the Treasury Bureau (FSTB), which include offshore Renminbi businesses, securities, asset and wealth management, fintech and green finance. Director Xia fully recognised the work of the FSTB.He said that the Hong Kong and Macao Work Office of the Communist Party of China Central Committee will give full support to Hong Kong in pursuing economic growth and advancing development. He hoped that the HKSAR Government will publicise, leverage and make good use of its unique edges and roles, so as to attract more enterprises and talents to develop in Hong Kong.

Mr Hui expressed his gratitude for Director Xia's encouragement. Mr Hui was especially grateful for the country's announcement on April 19 about a series of measures to further expand the mutual access between the capital markets of the Mainland and Hong Kong. He also looked forward to liaising closely with the relevant Mainland ministries and institutions to implement the measures as early as possible, with an aim to jointly contribute to the country's development as a financial powerhouse and high-quality financial development.

Mr Hui delivered a keynote speech on how Hong Kong's financial sector addresses the opportunities and challenges brought by artificial intelligence (AI) at the Parallel Forum this morning. Developing AI has become a major global trend. Hong Kong, as an international financial centre, should certainly look into its impact on the financial industry. In this regard, Mr Hui shared his three judgements.

Mr Hui said, "Firstly, as a data-driven industry, the financial sector is suitable for embracing AI to enhance its efficiency and competitiveness significantly. Secondly, AI is like a double-edged sword, and improper use can bring considerable risks. Thirdly, as AI will become more and more prevalent, the amount of investment it attracts in the future will continue to increase, creating new businesses that will revamp the industry ecosystem."

"Being an international financial centre, Hong Kong's financial market is open and inclusive towards the application of AI. We are committed to building a healthy and sustainable market environment, encouraging the financial sector to seize the opportunities brought by AI, and at the same time, safeguarding the overall financial security with responsible use of AI," Mr Hui added.

Mr Hui said that the HKSAR Government will issue a policy statement later this year, setting out its policy stance and approach on the application of AI in the financial market. He also looked forward to maintaining close exchanges and co-operation between Beijing and Hong Kong in the areas of AI and digital economy in the future, as well as exploring new development opportunities together.

Organised by the Haidian District People's Government, the Xicheng District People's Government, the Asian Financial Cooperation Association, and Tsinghua University PBC School of Finance, the Parallel Forum invites guests to discuss the prospects of integrated development of digital finance and AI under the theme "AI for Digital Finance Development". At the Parallel Forum, those joining Mr Hui to deliver keynote speeches included the Nobel Laureate in Economic Sciences of 2001, Professor Michael Spence; academician of the Chinese Academy of Sciences and professor of the Department of Computer Science and Technology of Tsinghua University, Professor Zhang Bo; and former vice-president of the Renmin University of China Professor Wu Xiaoqiu.

Mr Hui will return to Hong Kong tomorrow (April 30). Before concluding his visit to Beijing, Mr Hui will meet with the leadership of the China Development Bank and the Bank of China.

SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum Source: HKSAR Government Press Releases

SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum Source: HKSAR Government Press Releases