The Hong Kong Monetary Authority (HKMA) has recently received public inquiries regarding suspected frauds related to the Cross-boundary Wealth Management Connect Scheme. These frauds involve fraudulent schemes targeting victims who have incurred investment losses. Fraudsters falsely claim that the government can intervene to recover their losses if they open accounts under the Northbound Scheme and pay a fee. Additionally, a deceptive advertisement promoting a high-interest time deposit product, supposedly offered by the HKMA, has been circulated on social media. The fraudsters impersonate account managers and attempt to persuade the public to deposit money into accounts under the Northbound Scheme. The HKMA emphasizes that it does not contact individuals regarding personal financial matters and warns the public to be cautious. Only eligible institutions can provide services under the Scheme, and the public is advised to verify information and consult the list of eligible Hong Kong banks provided on the HKMA website.
The HKMA emphasizes that the operation of the Scheme, including the account opening process and the scope of eligible investment products, is subject to strict supervisory requirements. The public is urged to thoroughly understand the relevant details before making any investments. More information about the Scheme can be found on the HKMA website. If individuals suspect that they have fallen victim to fraudulent acts, they should contact the Commercial and Technology Crime Hotline of the Hong Kong Police Force at 2860 5012 or report the incident via the e-Report Centre for further investigation and action by the police.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/05/20240510-5/