Hong Kong Takes Aim at Banking Fraud as Complaints Surge

Hong Kong’s de facto central bank said it received almost twice as many complaints related to banking fraud in the first nine months of 2023 as it did during the entire previous year.

The Hong Kong Monetary Authority (HKMA) said it received 954 such complaints this year through September, surging from 555 in 2022.

The HKMA will introduce several new measures to combat banking fraud, including legislation to expand its scope to include personal accounts and to enhance interbank information sharing platforms.