Editorial | Battle against online scammers calls for united effort by Hong Kong

Scammers continue to find a growing number of victims in Hong Kong. Despite a concerted effort to warn the public about sham online investments, a record 810 Hongkongers, or 26 people a day on average, fell prey last month to cyber bandits.

Losses in August hit about HK$400 million (US$51 million). In one recent case, the chief financial officer of a company was duped out of more than HK$15 million.

New crime-fighting tools are being put in place, but it is becoming increasingly clear that staying ahead of online scams requires individuals to take greater precautions. Police had already raised the alarm after the previous record was set in July when 600 scams were detected.

Many involved swindlers posing as investment experts offering stocks supposedly selected by artificial intelligence software.

The force’s cybersecurity and technology crime bureau said technology-related crimes had surged by nearly 50 per cent in the first six months of 2023 compared to the same period last year. The 15,637 cases reported included hacking, internet fraud, account misuse and online theft, and led to about HK$2.03 billion in financial losses.

Officers attributed the rise to increased online economic activity as the pandemic eased.