09-07-2025
Tech, telecom giants back new charter to combat fraud
Tech, telecom giants back new charter to combat fraud
HKMA chief executive Eddie Yue says almost all leading tech and telecom giants in the city have pledged to help combat fraud. Photo: RTHK
SFC chief executive Julia Leung says tech and telecom firms must stamp out scams at the source. Photo: RTHK
People in Hong Kong could soon be able to report scams via their social media or instant messaging accounts.
Under the new "Anti-Scam Consumer Protection Charter 3.0", tech giants and the city's telecom firms will offer new reporting functions and channels for users and regulators, while taking down content related to suspected fraud.
The charter has been launched by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC).
HKMA chief executive Eddie Yue on Wednesday hailed the planned new measures as a milestone when it comes to combatting fraudsters.
"The threats of fraud and scams via online instant messaging or social media platforms, phone calls and SMS, they are becoming increasingly sophisticated. Many of us, including myself, have been receiving a lot of suspicious messages and phone calls almost on an hourly basis," he said.
"Charter 3.0 represents an important milestone in the collaboration among the financial, technology and telecom sectors in fighting fraud and scams. It lays the foundation of cooperation from which we will further build upon."
The securities watchdog said the anti-scam charter has been revised annually in response to rapidly evolving technologies.
SFC chief executive Julia Leung said tech firms have to stamp out scams at the source.
"Social media platforms and telecom companies are the custodians of our digital ecosystem. They are well positioned to detect and disrupt fraud by taking down harmful content, from deepfake videos, offers from unlicensed entities and phishing links, to scam ads," she said.
Other measures in the charter include enhancing monitoring processes, facilitating verification of advertisers, and new campaigns to raise public awareness.
