On 24 Jan 2025, the HKMA released its 25th Complaints Watch, noting a 32% annual increase in banking complaints (2,039 cases in H2 2024) with a 64% surge in account operation disputes linked to enhanced fraud monitoring. The publication urges banks to strengthen customer communication and includes three feature articles on media handling, debt collection, and unauthorised transaction liability.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Complaints Statistics and Trends
On 24 Jan 2025, the Hong Kong Monetary Authority (HKMA) published the 25th issue of its Complaints Watch, reporting a 32% year-on-year increase in banking complaints received during the second half of 2024, totalling 2,039 cases. The publication specifically highlights a 64% rise in complaints related to banking account operations (640 cases in H2 2024), attributed to enhanced account reviews and increased monitoring by banks following improved intelligence sharing with the Police to combat evolving fraud risks.
HKMA Recommendations and Feature Articles
The HKMA has requested banks to improve customer communication protocols to minimise inconvenience arising from heightened fraud prevention measures. This issue also features three thematic articles addressing 'Handling Media Enquiries on Customer Complaints', 'Debt Collection Activities Conducted by Purchasers of Bank Debts', and 'Liability for Unauthorised Transactions with Lost Credit Card', providing industry guidance on emerging service challenges.
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