Tech and media giants vow to combat digital fraud ads in HK

Major technology and media companies such as Google, Meta, and Xiaohongshu have vowed to check on advertisers as part of the Hong Kong government's Anti-Scam Consumer Protection Charter 3.0 (保障消費者防詐騙約章3.0) to combat digital fraud and scams.

This follows the joint launch of Charter 3.0 by the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority, and the Mandatory Provident Fund Schemes Authority. It is supported by the Consumer Council, the Hong Kong Association of Banks, the Hong Kong Police Force, and the Office of the Communications Authority.

Charter 3.0 includes participation from technology firms, including Douyin, Google, Meta, Microsoft, WeChat, Weibo, and Xiaohongshu, as well as telecommunications companies including China Mobile Hong Kong, China Unicom (Hong Kong), HGC Global Communications, HKT, Hutchison Telecommunications (Hong Kong), and SmarTone Mobile Communications.

As part of the charter, the participating firms will conduct regular checks on advertisers by adopting a risk-based approach to facilitate verification, applying necessary and proportionate measures. They will also implement internal monitoring processes by establishing and periodically updating internal rules, policies, procedures, and tools to monitor advertisements and content that promote financial products or services on their platforms, with a view to creating a safe online environment for users.

Furthermore, the firms will enforce their terms of service by detecting and removing financial scam advertisements or content that violates their platform policies. They will work together with the financial regulators and the financial industry on raising public awareness about frauds and scams and promoting cybersecurity, such as anti-deception promotional campaigns, to educate the Hong Kong public.

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The Charters 1.0 and 2.0, launched in 2023 and 2024 respectively, have helped the public in guarding against credit card scams and other digital frauds. Meanwhile, the Charter 3.0 also focuses on the reporting of suspected financial fraud and scams, as well as the reporting of channels for financial regulators. The participating firms will allow users to file reports related to suspected financial frauds and scams, and will endeavour to address them reasonably, once found to violate their policies. They will also provide a direct and efficient process for the financial regulators to report suspected financial frauds and scams and to follow up on such reports.

Eddie Yue, chief executive of HKMA, said: "The fight against financial fraud and scams and to protect the public requires a united front, bringing together the public and private sectors, as well as the community at large. The Charter 3.0 represents a significant milestone in this endeavour, harnessing the collective strength of the financial, technology, and telecommunications industries to better safeguard the public."

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