Editorial | Hong Kong’s anti-scam service a prudent way to make banking more secure
Law enforcement and banks must work together to keep Hongkongers’ money safe and their transactions secure
As identity theft and online scams become more common, police and banks must take more proactive steps to protect residents, especially vulnerable groups such as the elderly. Certainly both institutions and clients must share responsibility and take precautions. While it is important to raise public awareness, making cash withdrawal more secure is among the worthwhile initiatives being introduced.
The Hong Kong Monetary Authority received 542 fraud-related banking complaints from January to November. That was a drop of 28 per cent from the same period the year before.
Some 3,200 people previously took part in a trial run of the security service involving deposits of about HK$1.6 billion. Of these, 20 per cent were aged 60 or older and 7 per cent were aged 25 or under.
The service will also cover foreign currency deposits. Some banks have been offering the service since June last year.