HK records 9,427 fraud cases in Q1, elderly losses surge 79pc to $530m

Hong Kong recorded 9,427 fraud cases in the first quarter of this year, with losses amounting to HK$1.85 billion – an 18.6 percent increase from the same period last year, police said. Elderly victims and related losses saw sharp rises driven mainly by investment scams.

The number of elderly fraud victims rose 33 percent to 1,264, with total losses surging 79 percent to HK$530 million. Investment scams accounted for 329 elderly victims (up 17 percent) and HK$330 million in losses (up 68.9 percent), with average losses per elderly victim reaching HK$1.01 million.

Superintendent Theodora Lee of the Anti-Deception Coordination Centre (ADCC) said fraudsters typically contact victims via social media, lure them into WhatsApp groups filled with accomplices posing as investment experts, and direct victims to top up funds or transfer money to designated platforms. Some victims were allowed to withdraw small amounts to build trust before being pressured to invest more. One victim lost up to HK$84.79 million, the highest single case in the quarter.

Police analysis of 1,056 elderly investment scam victims from last year found that 70 percent were aged 60 to 69 – often newly retired individuals with substantial pensions or savings. Victims in business, real estate, insurance and accounting sectors had average losses exceeding HK$1.2 million, with real estate and insurance professionals losing an average of HK$2.5 million.

Elderly living in private housing lost over HK$1 million on average, compared to over HK$400,000 for public housing residents, indicating fraudsters target individuals with higher asset bases. Higher education levels correlated with greater losses, with master's degree holders losing nearly four times more than those with primary education.

Seventeen percent of elderly victims successfully withdrew money during the scam process, with the highest single withdrawal reaching HK$1 million – a victim who ultimately lost HK$5.4 million. Those who successfully withdrew money lost 60 percent more on average than those who never withdrew.

 

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