Hong Kong has launched a new alliance between major technology and telecommunications companies to combat online fraud, marked by the introduction of the Anti-Scam Consumer Protection Charter 3.0 on July 9, 2025. The initiative builds upon previous anti-fraud measures implemented by the HKMA and brings together financial regulators, technology firms, telecommunications companies, and enforcement agencies to create a comprehensive platform for preventing financial fraud and scams.
The Charter 3.0 establishes six key principles focused on enhancing fraud reporting mechanisms, implementing thorough advertiser verification processes, and strengthening internal corporate controls to prevent scams. The Insurance Authority (IA) will use this platform to enhance public education and empower policyholders against sophisticated fraud schemes, particularly as Hong Kong has seen a rise in deepfake-enabled fraud attempts and phishing attacks that resulted in significant financial losses throughout early 2025.
“The fight against financial fraud and scams and to protect the public requires a united front, bringing together the public and private sectors, as well as the community at large,” said Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA). “The Charter 3.0 represents a significant milestone in this endeavour.”
“The Charter 3.0 is a meaningful step forward, bringing in major technology and telecommunications companies to join the fight against online scams,” said Securities and Futures Commission (SFC) Chief Executive Officer Julia Leung. “This initiative not only echoes global governments and regulators’ call to action but also positions Hong Kong as a leader in safeguarding the financial world’s digital future.”
The Mandatory Provident Fund Schemes Authority (MPFA) has expressed strong support for the initiative. MPFA Managing Director Cheng Yan-chee emphasized the importance of protecting retirement savings, urging the working population to remain vigilant and report suspected scams to safeguard their MPF interests.
The alliance’s formation comes at a crucial time as Hong Kong prepares for its smart identity card system upgrade in 2025, which will introduce enhanced security features to combat identity theft. The initiative supports Hong Kong’s ongoing efforts to strengthen its digital financial infrastructure, including recent trials of privacy-focused digital identity verification solutions for cross-border financial services.
The comprehensive approach of Charter 3.0 reflects the evolving nature of financial fraud, which increasingly relies on sophisticated technology and social engineering tactics. By bringing together diverse stakeholders from the technology, telecommunications, and financial sectors, Hong Kong aims to create a more resilient defense against emerging cyber threats while maintaining its position as a leading international financial center.
Sources: Bastille Post, Hong Kong Government, South China Morning Post
