Hong Kong Intensifies Digital Fraud Prevention with Consumer Protection Charter 3.0

Hong Kong is ramping up its efforts to counter the rapidly evolving threat of digital fraud with the launch of the Anti-Scam Consumer Protection Charter 3.0, a collaborative initiative bringing together financial institutions, technology firms, and telecommunications companies.

The increasing convenience offered by digital payments and online services has unfortunately been matched by a surge in sophisticated scams, with 2024 seeing over 44,000 deception cases—a fourfold increase in five years. While previous Charters focused mainly on limiting phishing scams through restricted use of embedded links, the latest version addresses a much broader set of digital threats, from fake investment offers to deepfake impersonations on social media, instant messaging, and phone calls.

The new Charter introduces six key principles, targeting comprehensive fraud prevention and detection on online and telecom platforms. Firms signing onto the Charter will implement user-friendly fraud reporting tools, streamline incident communication with regulators, and apply risk-based measures to verify advertiser identities and monitor platform content. Additionally, there is a strong emphasis on swiftly detecting and removing fraudulent advertisements as well as mounting public awareness campaigns to help users identify and avoid scams.

The launch of Charter 3.0 signals a major step forward in cross-sector cooperation, demonstrating Hong Kong’s commitment to safeguarding its digital economy and the public against increasingly sophisticated fraud threats.