Investment scams in Hong Kong surged 55% in first quarter with losses of HK$900 million, police chief says
- Commissioner of Police Raymond Siu says deception cases in city grew 0.9 per cent in first quarter
- Siu warns residents against falling for illicit high-return, low-risk investments promoted on social media, and urges people to download anti-fraud app Scameter
The number of deception cases in Hong Kong rose 0.9 per cent in the first three months year on year but investment-linked scams jumped 55.2 per cent, resulting in losses of more than HK$900 million (US$115 million), the police chief said on Saturday.
Commissioner of Police Raymond Siu revealed that all but investment scams had declined in the January to March period, and warned residents against falling for illicit high-return, low-risk schemes promoted on social media.
He urged residents to download the force’s anti-fraud Scameter app, which provides an up-to-date database on suspicious websites and phone numbers.
“Overall, numbers for most deception cases have come down, but investment scams remain an issue,” he said after a passing-out parade at the Hong Kong Police College in Wong Chuk Hang.
“Scammers often entice others with high-return, low-risk investment tools, but people should question whether it is high return-low risks for the scammers or victims.”
He said scammers usually lured victims by depositing a small sum of money into their accounts, to trick them into thinking it was genuine profit.