On June 6, 2025, the Securities and Futures Commission ("SFC") advised licensed corporations ("LCs") to enhance measures against SMS phishing, which has led to unauthorized trading and client financial losses.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On June 6, 2025, the Securities and Futures Commission ("SFC") released guidance to licensed corporations ("LCs") concerning the prevention of unauthorized trading in clients' accounts, stemming from an increase in SMS phishing incidents.
The SFC highlighted the necessity for LCs to authenticate the identity of SMS senders, establish comprehensive monitoring systems for client accounts, and elevate client awareness of potential scams through enhanced communication efforts.
Dr Eric Yip, Executive Director of Intermediaries at the SFC, stressed the importance of proactive measures to safeguard clients' assets in light of escalating cyberfraud.
The public is advised to refrain from clicking on links in suspicious mobile text messages and to notify their LCs and the Police of any unauthorized transactions.
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