Caroline Bishop
January 25, 2025 12:13
The Hong Kong Monetary Authority’s latest Complaints Watch shows a 32% increase in bank complaints in 2024 due to increased account monitoring and information sharing.
The Hong Kong Monetary Authority (HKMA) has published the latest edition of Complaints Watch No. 25, highlighting notable trends in financial complaints and emerging issues within the sector. According to the Hong Kong Monetary Authority, this semi-annual publication aims to promote appropriate standards of conduct and prudent business practices among accredited institutions (AIs).
Significant increase in bank complaints
In the second half of 2024, the HKMA recorded 2,039 banking complaints, a 32% increase compared to the same period in 2023. The main reason for this increase was the sharp increase in complaints related to bank account operations, which increased by 64%. In the second half of the year, it reached 640 cases. This surge is due to improved account review and monitoring by banks, facilitated by improved information sharing between law enforcement and financial institutions.
Focus on fraud prevention and customer communication
As the landscape of financial fraud continues to evolve, the HKMA emphasizes the importance of public-private partnerships to combat fraudulent activity. Authorities urged banks to step up customer communication efforts to minimize inconvenience during the heightened monitoring phase. This plan reflects the HKMA’s commitment to maintaining a safe and efficient banking environment for consumers.
Featured articles covering important issues
The latest Complaints Watch includes three feature articles: “Handling Media Inquiries about Customer Complaints,” “Debt Collection Activities Undertaken by Bank Debt Buyers,” and “Liability for Unauthorized Transactions Following Lost Credit Cards.” It is done. This article provides insight into the pressing issues facing the banking sector and provides guidance on best practices for dealing with them.
Complaints Watch’s full publication is available on the HKMA website and provides detailed insights and recommendations to help AI effectively navigate the complex banking environment.
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