Hong Kong to use three-pronged approach to fight growing fraud

HONG KONG (China Daily/Asia News Network): The Hong Kong Monetary Authority pledged to combat financial fraud by requiring banks to share information, monitor financial transactions in real-time, and provide customer alerts when the number of cases of financial fraud in Hong Kong is increasing.

The HKMA said it received 954 fraud-related banking complaints in the first nine months of this year, already exceeding last year’s total case number of 555.