The Hong Kong Monetary Authority (HKMA) and the Office of the Privacy Commissioner for Personal Data (PCPD) have announced new measures to deepen cooperation on combating fraud and strengthening protections against misuse of personal data in the banking sector. The package combines joint, risk-based supervisory work on banks’ controls with coordinated public education and stakeholder engagement. Joint risk-based examinations of selected banks will review anti-fraud systems and controls, with the HKMA assessing implementation of anti-fraud measures set out in its December 2024 and April 2025 circulars and the PCPD examining data security measures and access controls designed to prevent misuse and leakage of personal data. The two authorities will also expand joint publicity and outreach with the Hong Kong Police Force, The Hong Kong Association of Banks and industry, focusing on the latest scam tactics and the importance of protecting personal data including bank account information and login credentials. The announcement cited 35,831 deception cases and HK$6.4 billion in losses reported in Hong Kong during the first 10 months of 2025, and noted parallel education initiatives by the PCPD, including new anti-fraud materials and its “Anti-Fraud Tips” webpage.
Hong Kong Monetary Authority 2026-01-27
Hong Kong Monetary Authority and Office of the Privacy Commissioner for Personal Data to run joint bank examinations and outreach to combat fraud
The Hong Kong Monetary Authority and the Office of the Privacy Commissioner for Personal Data have announced measures to enhance cooperation in combating fraud and protecting personal data in the banking sector, including joint risk-based supervisory work and expanded public education efforts. This initiative follows significant fraud losses in Hong Kong and involves collaboration with the Hong Kong Police Force and industry stakeholders.