The Hong Kong Monetary Authority has published Complaints Watch Issue No. 25, its semi-annual update for Authorized Institutions (AIs) on banking complaint trends, emerging issues and areas requiring heightened attention. The issue flags a sharp rise in complaints in the second half of 2024 and links the increase in account-operation complaints to expanded fraud-related account monitoring. The HKMA received 2,039 banking complaints in the second half of 2024, up 32% from the same period a year earlier. Complaints about the operation of banking accounts rose to 1,030 cases in 2024, including 640 cases in the second half, a 64% increase, which the HKMA attributed to more account reviews and increased monitoring following enhanced intelligence sharing between the Police and banks. Banks have been asked to improve customer communication to minimise inconvenience, and the publication includes feature articles on handling media enquiries on customer complaints, debt collection activities conducted by purchasers of bank debts and liability for unauthorised transactions involving a lost credit card. The HKMA indicated it will continue promoting public-private collaboration in combating fraud.
Hong Kong Monetary Authority 2025-01-24
Hong Kong Monetary Authority publishes Complaints Watch highlighting a 32% increase in banking complaints and account review-driven account operation issues
The Hong Kong Monetary Authority's Complaints Watch Issue No. 25 highlights a 32% rise in banking complaints in the second half of 2024, with account-operation complaints increasing by 64% due to enhanced fraud monitoring. Banks are urged to improve customer communication to reduce inconvenience. The HKMA will continue to promote public-private collaboration to combat fraud.