However, there are currently many fraudulent or false advertisements on media platforms. If we rely solely on voluntary participation in the Charter, and these platforms refuse to join in order to maintain their advertising revenue, what plans does the Government have to ensure that fraudulent advertisements are removed to combat such fraud and protect the public?
SECRETARY FOR FINANCIAL SERVICES AND THE TREASURY (in Cantonese): Thank you, President. I must stress that the Charter is only one of our multi-faceted measures to prevent or further mitigate the damage caused by fraud to the public.
Specifically, the Member mentioned in the supplementary question how advertisements containing fraudulent content on the platforms of different organizations should be handled. Of course, if these platforms have joined Charter 3.0, even though on a voluntary basis, we would all share the same interests as I said earlier. If users of a platform find that it is flooded with false information, their confidence and trust in the platform will be affected, which will naturally reduce their desire to use or continue browsing these platforms. The interest of the platform itself will also be damaged. Therefore, in the past, we have all along appealed to different platform companies and persuaded them to join Charter 3.0. At the same time, I believe that they will also consider our suggestion on account of their own interest because the image of being a credible platform trusted by users is the foundation of continued operation for these platforms.
Therefore, even though participation is voluntary, it does not mitigate the organizations’ will to genuinely participate in Charter 3.0, especially in terms of establishing channels for reporting or communication with financial institutions and regulatory authorities, which will enable us to build a more comprehensive and robust anti-fraud network. This is the first point.
Second, as the Member has just mentioned, how should fraud or false advertisements on platforms be handled? As I said earlier, if the platform operator is a participant of Charter 3.0, it will naturally follow the six key principles of Charter 3.0, including providing reporting functions for users, reporting to financial regulators, checking advertisers and implementing internal monitoring processes to prevent and handle such content.
For platforms yet to join the Charter, if relevant advertisements or fraudulent acts are found thereon, we welcome members of the public or Members to report them to the financial regulators or law enforcement agencies for prompt handling and investigation.
Therefore, the Charter is only part of the anti-fraud network. At the same time, we will focus on other areas to further strengthen our efforts in this regard, particularly in public education, so that members of the public can more easily identify fraudulent content. We will strive to do a good job on both the supply and demand sides. Thank you, President.