The framework will be confined to scams, or ruses to deceive people into providing personal information that leads to unauthorised fund losses. It will exclude financial fraud, which involves unauthorised access to personal information such as hacking.
“There are general guiding principles that we can actually prescribe” in terms of factors banks need evaluate when deciding if the loss should be compensated, HKMA’s deputy CEO Arthur Yuen Kwok-hang said on Friday. These include whether banks have effective systems of control, and if their customers have taken care to safeguard their personal information, he added.
Within that decision, it would also be proper to consider other special circumstances, such as whether their customers are from a vulnerable group, Yuen said at the annual conference of the Hong Kong Institute of Bankers. The aim is to clearly communicate the guiding principles regarding such cases, he said.
