Hong Kong Police Report Rise In Online Investment Scams

According to Odaily, Hong Kong police have released data on online investment scams, revealing a concerning trend. In the first nine months of this year, authorities received 3,468 reports of such scams, resulting in losses totaling approximately HKD 2.2 billion. Although this represents a decrease compared to the same period last year, the number of cases in October surged by 24% compared to September, indicating a potential resurgence. Nearly 40% of these cases involved financial investment products, while 35% were related to virtual assets. One of the most significant losses in a virtual asset scam amounted to approximately HKD 78.47 million. The victim, a female executive at a cryptocurrency company, was deceived into participating in a video call to discuss investment details. During the call, her electronic wallet account password was stolen, leading to the transfer of a substantial sum of money. As virtual asset investments continue to gain popularity, the police are urging investors to remain vigilant to avoid falling victim to such scams. From January to October 2023, the police recorded a total of 5,017 investment scam cases, involving approximately HKD 4.93 billion. Despite the overall decline in the number and value of online investment scams in the first nine months of this year compared to the same period last year, September saw 312 cases with losses amounting to around HKD 187 million, while October experienced 380 cases with losses totaling approximately HKD 248 million.