Complaints Watch Issue No. 25

The Hong Kong Monetary Authority (HKMA) has released Complaints Watch Issue No. 25, detailing recent trends in banking complaints and highlighting areas of concern for Authorized Institutions (AIs). In the second half of 2024, the HKMA recorded 2,039 complaints, a 32% increase from the previous year, with complaints related to banking account operations rising significantly to 1,030 cases, marking a 64% increase. This surge is linked to more rigorous account reviews and enhanced monitoring by banks. The HKMA emphasizes the importance of public-private collaboration to combat evolving fraud and urges banks to enhance customer communication to minimize inconvenience. The publication includes feature articles on handling media inquiries, debt collection practices, and liability for unauthorized transactions. Complaints Watch is available on the HKMA website. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/01/20250124-3/