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Key Points: Hong Kong SFC addresses SMS phishing scams targeting licensed brokers. New guidelines prohibit sending transaction links via SMS. Licensed brokers urged to report unauthorized transactions. Customers of licensed corporations in Hong Kong are facing a new wave of phishing scams as the Securities and Futures Commission (SFC) confirms increased fraudulent SMS activity. The scams include unauthorized transactions and highlight risks within brokerage accounts, affecting assets such as crypto ETFs. Hong Kong SFC’s Immediate Steps Against Phishing Threats The Hong Kong SFC responded to an uptick in phishing scams reportedly involving fake SMS messages that imitate licensed brokers. These scams aim to acquire sensitive customer data, leading to unauthorized trading activities. Effective security guidelines are now in place, banning the use of hyperlinks in electronic communications from brokers. This move aims to stop potential data breaches and unauthorized financial activities. The SFC has required LCs not to send electronic messages (such as email or short message service) with embedded hyperlinks that direct clients to their websites or mobile applications to undertake transactions, and not to ask clients to provide via hyperlinks sensitive personal information, including login credentials and one-time passwords. – Hong Kong Securities and Futures Commission (SFC) Despite the rising threat, there have been no immediate responses from major industry figures or key opinion leaders. The SFC remains the primary source for these new policy measures. Global Phishing Trends and Crypto Market Effects Did you know? A recent study shows financial centers globally face consistent phishing threats, similar to Hong Kong’s current challenge, emphasizing a growing trend in cyber-attacks on regulated brokers. Ethereum (ETH) currently trades at $2,490.27, with a market cap of $300.63 billion, according to CoinMarketCap. Despite a recent 0.96% daily increase, its 7-day performance shows a 1.32% decline, amidst a monthly surge of 28.93% and…

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Filed under: News - @ June 7, 2025 8:28 am