Police patrol near a carnival at Victoria Park to celebrate the 26th anniversary of the city's handover from Britain to China, in Hong Kong on July 1, 2023. (PHOTO / AFP)

An anti-fraud coalition has been set up in Hong Kong to fight the current wave of scams sweeping through the city following a record-breaking surge in the number of cases of online investment fraud. 

About 3,500 scams were reported during the first nine months of this year.

The coalition also pledged to give legal and policy advice to strengthen law enforcement action against fraudsters especially those involving virtual assets 

A total of HK$2.1 billion ($269 million) was scammed, double that of last year, Hong Kong police said on Friday in a press conference.

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The victims, aged between 13 and 80, include even professionals such as investment consultants, accountants and surveyors. The largest amount of money involved in a single case was HK$270 million. 

Police said social media pages and WhatsApp groups played critical roles in some fraud cases. They advised residents to treat pages and chat groups they encounter online with caution and always take time to check their background.

To combat rampant fraud, the city’s leaders from political, legal, financial, technology and other sectors have launched an anti-fraud coalition, aiming to enhance fraud prevention information distribution and raise public vigilance by methods such as holding an “anti-fraud” day in the city.

The coalition also pledged to give legal and policy advice to strengthen law enforcement action against fraudsters especially those involving virtual assets, and to support technology companies to develop software that can help people identify scams at an early stage.

Speaking at a press conference on Friday, lawmaker Johnny Ng Kit-chong, who is also the coalition’s convener, said the organization intends to set up a citywide “anti-fraud day” in the first quarter of next year, featuring large-scale events to enhance people’s awareness and capacity to identify and prevent fraud.

He also said the coalition will propose legal and policy advice to protect the rights of victims in fraud cases, adding that the police will also send their representatives to the coalition’s events.

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The coalition’s advisers include former Secretary for Security Lai Tung-kwok and former Commissioner of Police Tang King-shing.

Lai said he believed that law enforcement agencies have made significant efforts in enforcing the law and enhancing public education. However, he emphasized the need for residents to remain vigilant because scammers always take significant amounts of time to make their criminal plans. 

He added that he hoped to more government assistance can be mobilized to combat fraud.