Hong Kong Insurance Authority alerts public to fraudulent schemes
Hong Kong Insurance Authority alerts public to fraudulent schemes | Insurance Business Asia
Cyber
Hong Kong Insurance Authority alerts public to fraudulent schemes
Facebook account, website claim to be affiliated with major insurer
Cyber
By
Roxanne Libatique
The Hong Kong Insurance Authority (IA) has alerted the public to a fraudulent Facebook account and website attempting to deceive people.
The Facebook account, named “Congratulation Winner,” is sending fake winning notifications to users, directing them to a counterfeit website, “https[:]//chubb-life-hong-kong-ixegvh[.]myfreesites[.]net/”.
Fraudulent website claims to be affiliated with Chubb Life Hong Kong
The IA said the website falsely represents itself as affiliated with Chubb Life Insurance Hong Kong Limited, with the aim of illegally acquiring personal information.
Chubb Life Hong Kong has confirmed it is not associated with the fraudulent Facebook account or website. The IA has reported this issue to the Hong Kong Police Force for further investigation.
Individuals who have provided personal details via this link should contact Chubb Life Hong Kong at (852) 2894-9833 or by email at [email protected], and also notify the Hong Kong Police Force.
According to the regulator, Chan sold insurance policies to two long-time acquaintances between 2013 and 2014.
From 2019 to 2021, in violation of AXA’s guidelines, Chan redirected premiums totalling HK$36,093 to his personal bank account instead of forwarding them to AXA. He also failed to update the policyholders on their policy status and upcoming payments, leading to policy lapses.
Following complaints to AXA, Chan reimbursed the premiums, which allowed for the reinstatement of the policies and covered medical expenses for one affected individual. The IA noted the risk to policyholders of being uninsured during critical medical situations and the potential difficulty in obtaining new coverage.
Insurance intermediaries urged to maintain professional and ethical standards
The IA emphasised the need for insurance intermediaries to maintain professional and ethical standards, regardless of personal relationships with clients. Policyholders are advised to make premium payments only through official insurer channels.
“This case demonstrates yet again that members of the public place heavy reliance on licensed insurance intermediaries for impartial guidance and advice. Trust and confidence form the foundation of a sustainable insurance market and are important factors that enable insurance to fulfil its social functions,” it said.
In determining the disciplinary action, the IA considered Chan’s return of the premiums, his admission of misconduct, cooperation with the investigation, and the necessity of a strong deterrent to prevent future violations.
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