IA warns of insurance text scams

Learn how to protect yourself from insurance text scams

IA warns of insurance text scams

Insurance News

By Camille Joyce Lisay

The Insurance Authority (IA) of Hong Kong has issued a warning about fraudulent text messages impersonating two authorized insurers – Allianz Global Corporate & Specialty SE and Euler Hermes (operating as Allianz Trade).

The scam texts attempt to deceive recipients into calling a suspicious phone number under the pretense of canceling or modifying an insurance policy.

The fraudsters aim to collect personal and payment information from unsuspecting targets.

Both Allianz Global Corporate & Specialty SE and Euler Hermes have confirmed they have no connection to these phishing messages.

The matter has been reported to the Hong Kong Police Force for investigation.

Focus on cybersecurity threats

Such incidents highlighted a growing concern for the agency.

Three months ago, Hong Kong IA chief executive Clement Cheung outlined the regulatory priorities of the agency with a strong focus on cybersecurity threats.

During the Hong Kong FinTech Week 2024, IA held the InsurTech Forum to address its initiatives in several areas, including developing insurance-linked securities as well as introducing the Cyber Resilience Assessment Framework within the IA’s Guideline on Cybersecurity.

This year, the agency aims to combat insurance fraud across digital mediums and build trust through technology and transparency, according to the Hong King FinTech website.

Alert authorities

The IA advises anyone who has shared personal information or conducted transactions with the fraudsters to report their case to the police immediately.

To know more about this advisory, or if you know anyone who may have engaged in a suspicious transaction, contact Insurance Authority’s assistant external relations manager Miran Cheung at 3899-9685 or [email protected].

Have you received any suspicious messages? What do you think of this advisory? Share your thoughts below.

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