The eagerness of investors to part with large sums in the misguided belief that they will quickly reap substantial rewards has long provided callous criminals with fertile ground for scams. But our use of digital platforms, whether for communication, transactions or banking arrangements, has fuelled the variety, complexity and scale of the swindles. Investment fraud cases in Hong Kong rose by 24.8 per cent in the first six months of the year, to 2,273, compared with the same period last year. Losses soared 36.4 per cent to HK$1.48 billion.
The police revealed that scammers are now using online rental platforms as a new channel to connect with potential victims by posing as wealthy flat hunters. Property owners seeking tenants should take note and exercise caution. A scam known as “pig butchering”, in which fraudsters gain the confidence of victims before persuading them to pump money into fake investments, is on the rise. There were 199 cases of this kind in the first six months of 2025.
The biggest case involved a 52-year-old insurance company worker who lost HK$31 million to a scammer posing as an affluent potential tenant for her flat.
Swindlers are exploiting the ease with which they can make contact with victims through instant messaging apps and social media. No sector or service is free from the scourge, it seems, with a recent surge in the sale of fake concert tickets raising concerns.
Public awareness of the need to guard against scams has grown, but so has the number of cases. Even the best educated are vulnerable. A recent City University survey highlighted the extent to which those with postgraduate qualifications have been cheated.
Law enforcement agencies are cracking down on the fraudsters. Police Commissioner Joe Chow Yat-ming has rightly made this a priority, pledging to step up cross-border and international cooperation. This is essential, given the global nature of the problem.
Source link
