The Insurance Authority (IA) of Hong Kong has issued a public notice warning citizens about a deceptive website, https://www.oyos.link.
The IA highlighted that this website falsely represents itself as the official site of YF Life Insurance International Limited (YF Life). However, YF Life has confirmed no association with this platform.
Authorities have escalated the matter to the Hong Kong Police Force for thorough investigation. Individuals who may have divulged personal information or engaged in transactions on this fraudulent website are urged to contact YF Life at (852) 2533-5555 and notify the Hong Kong Police Force.
The IA reiterated the requirement for any entity conducting insurance activities in or from Hong Kong to be authorized under the Insurance Ordinance (Cap. 41). Its official website maintains a comprehensive list of all authorized insurers.
This warning follows a similar notice issued last month regarding another deceptive website masquerading as the official platform of Newco Insurance Services Limited (Newco). Newco has confirmed no affiliation with the fraudulent site, and the matter has been referred to the Hong Kong Police Force.
In a separate incident, the IA imposed a 14-year licensing ban on a former agent of Prudential Hong Kong Limited due to the misappropriation of premiums from four policyholders.
The agent directed policyholders to transfer premium payments to his personal bank account between March 2017 and March 2019. Of the total RMB 2,346,237 intended for Prudential, only RMB 87,151 reached the insurer, resulting in the lapse of 10 insurance policies.
Subsequently, the agent has repaid RMB 657,073 to Prudential, facilitating the reinstatement of five policies. Prudential is in the process of contacting affected policyholders of the remaining lapsed policies to offer assistance and potential compensation.
Moreover, the agent impeded a policyholder’s access to her online account, hindering her ability to verify her policy status directly with Prudential.
The IA’s Disciplinary Panel imposed a 14-year prohibition, aiming to send a robust deterrent message to industry practitioners.
