This unique application rapidly responds to the surging threat posed by cyber crime worldwide
Allen & Overy’s Hong Kong Litigation team has launched the Hong Kong Cyber Fraud First Response Tool – a free, web-based tool, built using Neota Logic’s powerful no-code platform.
The application guides the victims of cyber fraud (or their representatives) through the immediate steps that they should take following the discovery of a fraud where the funds have been remitted to an account in Hong Kong. The tool has been launched to the market at a time when cyber fraud is a growing concern for companies and individuals worldwide, amidst the additional challenges posed by the COVID-19 pandemic and increasing sophistication of cyber criminals. Neota’s no-code development platform enabled Allen & Overy to rapidly build and deploy this application than relying on lengthy programming methods.
If the initial steps are taken swiftly, this unique tool could increase the prospects of the misappropriated funds being recovered. The first 24 to 48 hours after discovering a fraud are critical, and A&O’s tool is designed to guide victims through the initial steps they should take.
Whilst victims of fraud can be located anywhere in the world, Hong Kong is one of the most common destinations for misappropriated funds to be sent to. Freezing the funds in the Hong Kong bank account as a matter of urgency is absolutely essential. Neota’s platform allows for the automation of legal expertise, processes and documentation, which has been reflected in the capabilities of A&O’s new tool: it works by taking the victim through a number of questions about the specific fraud, and results in the creation of a set of documents that can be downloaded and sent to the relevant authorities in Hong Kong as well as the bank that has received the stolen funds requesting that the monies in the account be frozen.
A short video explaining how the tool works is available here.
Allen & Overy Of Counsel Emily Tillett commented: “Whilst corporates and individuals located anywhere in the world may fall victim to cyber fraud, Hong Kong is one of the primary destinations for the proceeds of cyber fraud to be transferred to before being dissipated to accounts elsewhere around the globe. Many victims will not be aware of the steps they need to take and often too much time passes between discovering the fraud and action being taken. The aim of the Hong Kong Cyber Fraud First Response Tool is to help such victims with those initial steps in order to maximise the chances of recovery of the stolen funds. Initial feedback regarding the tool has been very positive, with a number of (non-legal) practitioners operating in the cyber fraud and investigation space in Hong Kong praising its uniqueness and utility.”
Kim Massana, CEO at Neota Logic, added, ‘We’re delighted to be working with Allen & Overy as they digitise their legal expertise to offer transformative services to their clients. Neota’s no-code automation platform allows for complex, easy to use digital applications to be developed from a blank canvas’.