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Victims of Telecom Scams in HK Lose $4.5B in 1H; HKMA Plans to Set Compensation Rules; Banks' Potential Responsibility Focus
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Victims of Hong Kong's telecom scam and fraud cases in 1H24 lost a total of HKD4.5 billion, a YoY surge of 67%. The HKMA's Deputy Chief Executive, Arthur Yuen, said earlier that the goal is to establish a set of standards for banks to determine which cases should be compensated, and industry consultation will begin soon. The South China Morning Post quoted experts as saying that the consultation criteria should include several key points to ensure that victims can effectively seek help. The report quoted Jonathan Crompton, a partner at the British law firm RPC in Hong Kong, as saying that if the consultation is introduced, the most controversial issue is who is responsible for compensation. He said that the focus of the proposed compensation mechanism should be on assisting victims. Unless the bank can prove that the victim is at fault, ideally the bank should be required to compensate the victims of telecom fraud, he opined. The SCMP had asked a number of banks about this, but they declined to comment. The HKMA responded to the SCMP that it is studying how to better explain the current practices of the banking industry in order to outline a more consistent approach to dealing with losses from telecom fraud. AAStocks Financial News |
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