HK regulator issues warning against fraudulent social media account

It has advertised itself as the official platform of an authorized insurer

HK regulator issues warning against fraudulent social media account

Insurance News

By Kenneth Araullo

The Insurance Authority (IA) of Hong Kong has issued a public alert regarding an unauthorized social media platform which falsely claims to be the official social media account of an insurance company.

According to a news release pushed out by the regulator, a Facebook account has claimed to be the official social media presence of BOC Group Life Assurance Company (BOC Life), an authorized insurer in Hong Kong. The company has clarified that it is not associated with this social media platform.

Looking over the social media account, it appears to have been replaced with a page for a fitness boot camp group.

The matter has been reported to the Hong Kong Police Force for a thorough investigation, the IA said. The regulator also urged those who have shared personal information on this unauthorized social media platform or have engaged in insurance transactions through it to contact the BOC Life Customer Service Hotline at 2860-0688 and report the incident to the Hong Kong Police Force.

The IA also reminded that any company involved in insurance operations within or from Hong Kong must possess authorization from the regulator under the Insurance Ordinance (Cap. 41). The complete roster of authorized insurers in Hong Kong is available on the IA website's Register of Insurers.

Elsewhere in the city-state, Hong Kong’s half-century reign as the world’s freest economy has been ended by Singapore, according to the most recent rankings compiled by a Canadian think tank that cited eroding judicial independence as one factor.

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