The reported cases of scams in Hong Kong surged by 40 percent year on year to 39,824 last year, involving over HK\(9 billion (US\)1.2 billion), nearly doubling from the previous year, as disclosed by the Hong Kong police this month.
The police highlighted the escalating trend of deception cases and technology crimes globally due to the rapid advancement of information network technology and cross-border transactions. Scams constituted 44.1 percent of all reported crimes in the previous year, with approximately 70 percent of these scams being internet-related, according to the police.
ICBC Asia’s chairman emphasized the importance of customer education in safeguarding against scams. He recommended three key principles to customers: not easily trusting anyone, avoiding greed, and refraining from recklessness.
Having transitioned from a career in accounting and law enforcement to the banking sector, the chairman underscored the value of his diverse skill set in combating fraud, corruption, and money laundering at ICBC Asia. Leveraging his accounting background and investigative experience, he leads a team of 70 staff dedicated to fraud detection.
In response to the rising threat of scams, ICBC Asia has leveraged technology and big data to track and prevent fraudulent activities targeting its clients. The institution also prioritizes staff training and implements anti-fraud measures to protect customers effectively.
Furthermore, the Hong Kong Monetary Authority has joined forces with prominent figures like cantopop star Wan Kwong to raise awareness about common phishing tactics employed by scammers through initiatives such as music videos, aiming to educate the public and combat fraud effectively.
