Regulatory Alerts2024-06-21
Added · Updated
Circular on Bogus Telephone Calls
The Hong Kong Monetary Authority mandates retail banks to strengthen consumer protection against fraudulent calls by verifying caller identities through enhanced hotlines and internet banking platforms. Institutions must assist affected customers by assessing data breaches, reporting incidents to the Police within five working days using a standardized template, and suspending services if necessary. Additionally, banks are required to educate the public on these risks and ensure other authorized institutions adopt similar protective measures where appropriate.