Hong Kong Takes Bold Steps to Combat Financial Scams with Innovative Charter 3.0

In a significant move to protect consumers from increasingly sophisticated financial frauds, Hong Kong’s key financial regulators have launched the Anti-Scam Consumer Protection Charter 3.0 on July 9, 2025. This comprehensive initiative represents a united front involving multiple government agencies, financial institutions, technology firms, and telecommunications companies in the ongoing battle against financial scams.

The charter builds upon previous versions from 2023 and 2024, demonstrating Hong Kong’s commitment to evolving and strengthening its approach to consumer protection. By bringing together the Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Schemes Authority, the initiative creates a robust collaborative framework to address the growing challenge of financial fraud.

At the heart of Charter 3.0 are six critical principles designed to create a comprehensive defense against scams. These principles focus on proactive reporting of suspicious activities, thorough verification of advertisers, implementing rigorous internal monitoring processes, enforcing strict service terms, and developing public education and awareness campaigns.

During the launch event, key leaders emphasized the importance of this collaborative approach. Mr. Eddie Yue from the HKMA stressed the need for a unified effort involving public and private sectors, as well as the broader community. He highlighted Charter 3.0 as a pivotal moment that harnesses the collective strength of financial, technology, and telecommunications industries to protect consumers.

Ms. Julia Leung of the SFC underscored the charter’s significance in bringing major technology and telecommunications companies into the fight against online scams. Her remarks positioned Hong Kong as a leader in safeguarding the digital financial landscape through vigilance, collaboration, and building public trust.

The Insurance Authority’s Mr. Clement Cheung noted that the charter is the result of collaborative efforts to create a robust alliance against financial frauds. The IA plans to leverage this platform to enhance public education and empower individuals to protect themselves against increasingly sophisticated scam tactics.

Mr. Cheng Yan-chee from the MPFA brought attention to the critical importance of protecting retirement savings. He emphasized the need to safeguard the working population’s Mandatory Provident Fund from fraudulent activities and welcomed the increased efforts to enhance anti-scam awareness.

The initiative is supported by a wide range of organizations, including the Consumer Council, Hong Kong Association of Banks, Hong Kong Police Force, and the Office of the Communications Authority. This comprehensive approach reflects a holistic strategy to tackle financial fraud from multiple angles.

For consumers, the message is clear: vigilance is key. The charter encourages individuals to actively report suspected scams, carefully verify advertisers, and stay informed about potential financial threats. By creating a collaborative ecosystem that spans regulatory bodies, financial institutions, and technology companies, Hong Kong is setting a new standard in consumer protection.

As financial scams become increasingly sophisticated, this multi-stakeholder approach represents a proactive and dynamic response to protecting consumers’ financial interests. Charter 3.0 is more than just a policy document – it’s a testament to Hong Kong’s commitment to creating a safer, more secure financial environment for all its residents.