Hong Kong recorded 9,427 fraud cases in the first quarter, with total losses reaching HK$1.85bn ($236m), an increase of 18.6% y-o-y, according to police data. Elderly residents were disproportionately affected, with both victim numbers and financial losses seeing a sharp rise, largely due to investment scams.
Hong Kong newspaper The Standard reported that the number of elderly victims increased 33% to 1,264, while their combined losses surged 79% to HK$530m. Investment scams alone involved 329 elderly victims, a 17% increase, and resulted in HK$330m in losses, up nearly 69%. Average losses per elderly victim rose to HK$1.01m.
Superintendent Theodora Lee of the Anti-Deception Coordination Centre said scammers commonly approach targets through social media. The victims are then pulled into WhatsApp groups populated by accomplices posing as investment specialists, and are pressured to transfer funds to designated platforms. Some victims are allowed small withdrawals initially to build trust before being pushed to invest larger sums. The largest single loss reported during the quarter was HK$84.79m.
An analysis of 1,056 elderly investment scam cases last year showed that 70% of victims were aged between 60 and 69, often recent retirees with substantial savings. Victims from sectors such as business, real estate, insurance and accounting suffered particularly high losses, averaging more than HK$1.2m, with real estate and insurance professionals losing about HK$2.5m on average.
Elderly residents living in private housing lost more than HK$1m on average, compared with just over HK$400,000 among those in public housing, suggesting scammers target individuals with higher asset levels. Losses were also higher among better-educated victims, with those holding master’s degrees losing nearly four times as much as people with only primary education.
About 17% of elderly victims managed to withdraw funds at some point during the scam. However, these individuals ultimately lost 60% more on average than those who never withdrew, with the largest single withdrawal amounting to HK$1m by a victim who later lost HK$5.4m.