HKMA Reports 32% Rise in Banking Complaints in Latest Complaints Watch Issue

2025-01-24 17:00 Last Updated At：17:08

Complaints Watch Issue No. 25

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) published today (January 24) the Complaints Watch Issue No. 25, which highlights the latest banking complaint trends, emerging topical issues, and areas that Authorized Institutions (AIs) should be alert to. The Complaints Watch is a semi-annual publication aiming at promoting proper standards of conduct and prudent business practices among AIs.

In the second half of 2024, the HKMA received 2 039 banking complaints, representing an increase of 32 per cent as compared to the same period last year. The number of complaints about the operation of banking accounts increased notably to a total of 1 030 cases in 2024, with a rise of 64per cent to 640 cases in the second half of the year. The increase was attributable to more account reviews and increased monitoring undertaken by banks in response to enhanced intelligence sharing between the Police and the banks. As the fraud landscape evolves, the HKMA will continue to promote public-private collaboration in combating fraud, and has also requested banks to improve customer communication so as to keep any inconvenience to customers to a minimum.

This issue of Complaints Watch contains three feature articles "Handling Media Enquiries on Customer Complaints", "Debt Collection Activities Conducted by Purchasers of Bank Debts" and "Liability for Unauthorised Transactions with Lost Credit Card".

The Complaints Watch is available on the HKMA website.

HKMA Warns Public About Fraudulent Bank Social Media Account and Scams

2025-05-15 17:58 Last Updated At：18:08

Fraudulent social media account related to Bank of Singapore Limited

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on theHKMA website.

The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks' websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.