Christopher Hui outlines four-pronged anti-scam strategy
RTHK · 1 SOURCESabout 1 hour ago5 MIN
Summary
Financial Services and the Treasury Secretary Christopher Hui Ching-yu (許正宇) said Hong Kong’s first five-year plan and the upcoming Policy Address have incorporated financial security and strict risk control into efforts to consolidate the city’s status as an international financial centre. Speaking at a personal finance-related event, Hui said fraud cases have remained high in recent years, with methods becoming more industrialised and cross-border. He said the government, the Hong Kong Monetary Authority, police and the banking sector are building a more complete anti-scam ecosystem from four directions. Officials are also studying legal changes to push the technology and telecommunications sectors to strengthen detection and removal of scam-related content, including material generated through abused artificial intelligence tools, with a public consultation on the proposed framework targeted by the end of this year
Key Points
- Hui said financial security and tighter risk control have been written into Hong Kong’s first five-year plan and the next Policy Address
- He said online investment scams account for nearly half of overall fraud losses, while cases involving elderly victims are especially distressing
- The four-pronged anti-scam approach includes stronger bank detection of suspicious transactions and better information sharing involving police and banks
- The plan also covers stronger bank risk alerts for customers and continued efforts to raise public awareness against fraud
- Hui cited the 40th Global Financial Centres Index, saying Hong Kong held third place globally, first in Asia-Pacific, and first worldwide in fintech and financial sector development
Why It Matters
Confidence in the safety of funds and in the banking system is, in Hui’s account, an essential support for Hong Kong’s standing as an international financial centre. The proposed legal and industry measures point to a broader push to curb scam losses before they further erode trust in digital finance, banking services and investment activity in the city