Hong Kong regulators, banks struggle to contain damage from financial fraud

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Hong Kong regulators, banks struggle to contain damage from financial fraud - SCMP

Quick Summary:

Losses nearly doubled last year amid growing victim frustration, while fraudsters reap profits with seeming ease and banks and financial regulators struggle to contain the damage.

Will a cybercrime law in Hong Kong help to stem the rot if banks and social media platforms are made to proactively crack down on suspicious behaviour?

In the first of a two-part series, Aileen Chuang looks at what Hong Kong’s financial regulators, banks and social media network operators must do to stamp out scams.