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The Securities and Futures Commission (SFC) welcomes the International Organization of Securities Commissions’ (IOSCO) call upon online platform providers to collaborate with regulators to combat online scams, as a growing number of retail investors have become targets of highly sophisticated online scams (Note 1). In particular, impersonation scams, which have recently been on the rise in Hong Kong and globally, are also a major focus of the SFC’s efforts in protecting and educating investors.
The IOSCO’s statement, issued last night, calls on online platform providers to promptly remove fraudulent content and implement robust anti-scam measures, including user verification and pre-vetting mechanisms.
In a concerted effort, the SFC urges online platform providers to utilise alerts posted on the SFC website and the newly revamped IOSCO International Securities and Commodities Alerts Network (I-SCAN) (Note 2). Both are valuable tools that can assist online platform providers to more effectively and pro-actively block illegal investment offerings, issue timely warnings and prevent flagged firms from advertising on their platforms.
“We believe a global coordinated approach among securities regulators is critical to addressing cross-border online scams and safeguarding investors,” said Ms Julia Leung, the Chief Executive Officer of the SFC and Chair of the IOSCO Asia-Pacific Regional Committee.
“Securities regulators in the Asia-Pacific region fully support this initiative and look forward to working closely with platform providers to combat online scams,” Ms Leung added (Note 3).
Notes:
- IOSCO is an international body of securities regulators whose membership regulates over 95% of the world’s securities markets in more than 130 jurisdictions.
- In March 2025, IOSCO launched the I-SCAN which is a global repository of alerts and warnings about unlicensed firms providing investment services or engaging in illegal financial activities.
- Please see the SFC’s press release dated 15 May 2025.
