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To enhance the banking industry’s ability to deal with fraud and financial crime, the Force and Hong Kong Monetary Authority (HKMA) jointly hosted a sharing session on anti-deception efforts on April 21 where senior representatives from both sides and retail banks were invited to explore innovative approaches against deception.
The sharing session was convened by Commissioner Siu Chak-yee and Deputy Chief Executive of HKMA Mr Arthur Yuen. It focused on discussing how the public and private sectors could collaborate to deal with increasingly serious fraudulent activities. The participants agreed to take a multi-pronged approach to combat frauds, including the Scameter to strengthen warnings to clients on payment transactions, encouraging more banks to adopt data analytics through Anti-Money Laundering Regtech Lab and other approaches to real-time monitoring of suspicious accounts, launching a sharing platform of corporate mule account information among banks, deepening cooperation between the Force and the banking industry on the stop-payment mechanism to help victims intercept fraudulent funds, as well as strengthening the banking industry’s assistance to the Force’s investigation work.
Following the above sharing session, Crime Wing held a relevant working meeting with HKMA, Hong Kong Association of Banks and personnel from the banking sector on May 2. The participants actively exchanged views on the approaches discussed at the sharing session.
The Force will keep maintaining close cooperation with the banking industry, and adopt a comprehensive strategy, including intelligence exchange and law enforcement operations, cross-agency cooperation, strengthening publicity and education to combat fraud from multiple perspectives, and to raise public awareness of fraud prevention.
