In today’s global marketplace, disputes are growing in number and complexity. Businesses are facing intense competition and must manage the risks and challenges in doing business locally and internationally. Higher accountability standards and tighter regulatory scrutiny increase exposure and vulnerability.
Cyber fraud remains a significant risk to businesses and individuals. In the 11 months to November 2021, over 500 phishing scams, worth more than HKD 1.4 billion in losses, were reported to the Hong Kong Police. The Police have been developing and will soon launch a free software to assist businesses in identifying phishing scams.
We have seen a noticeable increase in the prevalence and sophistication of cyber fraud incidents in recent years. This has led to a substantial rise in civil recovery actions, and as a result, we now have the benefit of key learnings from recent decisions by the Hong Kong Courts and other jurisdictions. This alert discusses some of the common themes and challenges victims of fraud may face in civil recovery actions, particularly in cases involving allegedly “innocent” recipients of tainted funds and competing victims pursuing recovery from the same finite pool of funds.
In brief Victims of cyber fraud have been using vesting orders – a means of direct recovery for victims of fraud – to recover stolen funds from fraudsters and subsequent recipients. Often applied concurrently with a default judgment, vesting order is thought to be a convenient alternative to garnishee proceedings.…
Hong Kong and Mainland China are common destinations for embezzled funds In today’s global marketplace, disputes are growing in number and complexity. Businesses are facing intense competition and must manage the risks and challenges in doing business locally and internationally. Higher accountability standards and tighter regulatory scrutiny increase exposure and…
Hong Kong and Mainland China are common destinations for embezzled funds. In today’s global marketplace, disputes are growing in number and complexity. Businesses are facing intense competition and must manage the risks and challenges in doing business locally and internationally. Higher accountability standards and tighter regulatory scrutiny increase exposure and vulnerability.
Hong Kong and Mainland China are common destinations for embezzled funds In today’s global marketplace, disputes are growing in number and complexity. Businesses are facing intense competition and must manage the risks and challenges in doing business locally and internationally. Higher accountability standards and tighter regulatory scrutiny increase exposure and…
In brief With the slowdown in economic activity globally due to COVID-19, the number of cyber fraud cases from around the world has surged. The Hong Kong Police, the Action Fraud (UK’s National Fraud & Cyber Crime Reporting Centre), and the Australian Cyber Security Centre, have all recorded a significant…
The recent judgment of the Hong Kong Court of Appeal offers greater protection to legal communications and documents created between clients and their lawyers from disclosure in Hong Kong. Such protection arises in situations where a client may be required to produce documents, including regulatory investigations. Recent developments On 29…