Battle against online scammers calls for united effort by Hong Kong
- Despite new crime-fighting tools, it is becoming increasingly clear that staying ahead of cyber bandits requires individuals to take greater precautions
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.
Police deserve credit for their efforts. The force posted an alert on its CyberDefender Facebook page earlier this month noting that about 60 per cent of victims had been befriended via WhatsApp messages before being lured to “invest” in stocks, precious metals and cryptocurrencies on bogus websites or apps.
The Post has reported that the force is working with the Hong Kong Monetary Authority and the Association of Banks to set up a blacklist of payees. A police source said the list would be the backbone of a scam alert scheme to warn against transfers of money into such accounts.
When it goes online in November, the system will send instant warnings about Faster Payment System (FPS) transfers and by early next year it should be able to flag problems with money transfers via online banking. The police Scameter search engine, meanwhile, is already helping users identify suspicious web addresses, emails, platform usernames or IP addresses.
6 in Hong Kong arrested over use of AI deepfake to apply for loans
Scammers, however, are only likely to further refine their methods. Investigators told the Post that at least two syndicates set up in other parts of Asia are actively targeting Hongkongers.
It was encouraging to learn that mainland authorities recently worked with Myanmar to shut down 11 cyber scam bases and arrest more than 200 suspects.
Cybersecurity officers can only do so much if their advice and news headlines are not heeded. Everyone should do their part to mount an effective defence.
