Hong Kong Monetary Authority (HKMA) & Privacy Authority (PCPD) Launch New Measures to Combat Fraud & Strengthen Protection Against Misuse of Personal Data, $820 Million (HKD 6.4 Billion) Losses from 35,831 Deception Cases ($22,885 Loss Per Case) in Hong Kong in First 10 Months in 2025 (Jan to Oct)
28th January | Hong Kong
The Hong Kong Monetary Authority (HKMA) & privacy authority (Office of the Privacy Commissioner for Personal Data, PCPD) have announced the launch of new measures to combat fraud & strengthen protection against misuse of personal data. In 2025 first 10 months (Jan to Oct), Hong Kong reported $820 million (HKD 6.4 billion) losses from 35,831 deception cases ($22,885 loss per case). Announcement (27/1/26): “The Hong Kong Monetary Authority (HKMA) and the Office of the Privacy Commissioner for Personal Data (PCPD) jointly announced today (27 January) a series of new measures to enhance collaboration in combatting fraud and strengthening the protection against misuse of personal data. In view of the increasing sophistication of fraud, the HKMA and the PCPD have strengthened their cooperation to ensure that banks’ systems and safeguards against these risks are robust, and that best practices are shared with banks on a timely basis. These efforts will include joint risk-based examinations of selected banks’ anti-fraud systems and controls, in which the HKMA will focus on assessing the effective implementation of anti-fraud measures set out in circulars issued in December 2024 and April 2025, whilst the PCPD will review the banks’ data security measures and access controls that are designed to safeguard personal data against misuse and leakage. Moreover, the HKMA and the PCPD will strengthen joint publicity and educational efforts, and work closely with other key stakeholders including the Hong Kong Police Force, The Hong Kong Association of Banks and the industry to raise public awareness of the latest scam tactics and the importance of protecting personal data, including bank account information. These efforts will include outreach activities targeting members of the public and specific segments of society. Given the evolving nature of deception tactics, it is essential for the public to remain vigilant when providing personal data, including bank account information and login credentials, to prevent such data from being misused for deception or money laundering. Members of the public are also encouraged to stay informed about the latest fraud prevention information published by the HKMA, the PCPD and the Police. Background – Fraud continues to grow in scale and complexity. During the first 10 months of 2025, a total of 35,831 deception cases were reported in Hong Kong, resulting in total losses amounting to HK$6.4 billion. To keep pace with the evolving nature of fraud, the HKMA has continued to strengthen the banking industry’s response to fraud and money laundering, with a number of measures introduced in April last year. These include expanded use of Scameter data, amendment of the Banking Ordinance to facilitate information sharing among banks, sharing of good anti-fraud practices with banks, thematic reviews on the effectiveness of banks’ anti-fraud measures, and enhanced publicity and education efforts on “Don’t Lend/Sell Your Account”. To further enhance the ecosystem approach, the HKMA is collaborating with the PCPD to combat fraud, and to strengthen the protection against misuse of personal data. The protection of personal data privacy has always been one of the critical priorities in combatting fraud, as deception and financial crimes often involve malicious use of personal data. To address the evolving deceptive tactics employed by fraudsters, the PCPD continues to strengthen its efforts on public education and raising awareness against fraud. Apart from conducting anti-fraud talks for different stakeholders, the PCPD has published a new anti-fraud leaflet and poster with the theme “Too Good to be True” to enhance public awareness of fraud prevention and personal data protection. Both publications have been distributed to District Offices, community centres, elderly centres, banks and schools. Since 2022, the PCPD has set up the “Personal Data Fraud Prevention Hotline” (3423 6611) to handle public enquiries about fraud or suspected fraud cases from members of the public. The PCPD has also launched the webpage entitled “Anti-Fraud Tips”, with a view to providing a one-stop information portal for members of the public.
“ Hong Kong Monetary Authority (HKMA) & Privacy Authority (PCPD) Launch New Measures to Combat Fraud & Strengthen Protection Against Misuse of Personal Data, $820 Million (HKD 6.4 Billion) Losses from 35,831 Deception Cases ($22,885 Loss Per Case) in Hong Kong in First 10 Months in 2025 (Jan to Oct) “
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Hong Kong Monetary Authority (HKMA) – The HKMA is Hong Kong’s central banking institution. The HKMA’s main functions are: (i) maintaining currency stability within the framework of the Linked Exchange Rate System; (ii) promoting the stability and integrity of the financial system, including the banking system; (iii) helping to maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong’s financial infrastructure; and (iv) managing the Exchange Fund.
Office of the Privacy Commissioner for Personal Data, Hong Kong (PCPD) – The PCPD is an independent body set up to oversee the implementation of and compliance with the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (PDPO). The PCPD strives to ensure the protection of the privacy of individuals in relation to personal data through monitoring and supervising compliance with the PDPO, enforcing its provisions and promoting the culture of protecting and respecting personal data. For more information, please visit PCPD.org.hk.
Hong Kong Monetary Authority (HKMA) & Privacy Authority (PCPD) Launch New Measures to Combat Fraud & Strengthen Protection Against Misuse of Personal Data, $820 Million (HKD 6.4 Billion) Losses from 35,831 Deception Cases ($22,885 Loss Per Case) in Hong Kong in First 10 Months in 2025 (Jan to Oct)
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