Experts are warning that a lack of risk awareness is making Hong Kong's youth a primary target for online fraud, following a new report revealing nearly 10 percent of local students have been scammed.

The survey, which found average losses of around HK$1,100 ($140) but with one case reaching HK$10,000, underscores an urgent need for a collaborative protective shield involving families, schools, and tech companies.

Themed financial literacy and conducted from May to June by the Hong Kong Institute of Certified Public Accountants, the online survey collected responses from over 2,000 students in Primary 4 to Secondary 3. The survey explored their spending and financial management habits, and notably their awareness of cybersecurity and fraud prevention for the first time since the inaugural survey in 2020.

According to the report, although the surveyed students rated their anti-fraud abilities highly (average 4.1/5), around 10 percent (over 190 students) suffered financial losses from fraud — averaging HK$1,100 and up to HK$10,000. The main types of fraud they encountered included "investment or goods resale promising 'zero risk, high return'," "game credit trading", "online shopping", and "account hijacking”.

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The organization notes that the gap between perceived and actual risks underscores students' tendency to underestimate risks and the importance of enhancing fraud prevention education, considering students' attraction to fast gains. To mitigate their exposure to tech scams, the organization suggests schools integrate financial education into the existing Information Literacy and E-Safety framework, covering password management, fraud detection skills, and secure payment knowledge.

Francis Fong Po-kiu, honorary president of the Hong Kong Information Technology Federation, highlighted the growing trend of younger technology fraud victims. He emphasized that today's students are considered digital natives, proficient in technology but lacking in social experience and crisis awareness, rendering them vulnerable to fraudsters. Fong urged collaborative efforts among families, schools, and society to create a robust safety framework to support students effectively.

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Parents should instill sound money values early on, fostering open communication and trust with their children to encourage seeking help when facing challenges. Schools should integrate digital literacy education consistently, moving beyond just one-off lectures. Fong also advises updating curricula especially with real-life cases to teach risk identification effectively.

He further suggests that the Hong Kong Special Administrative Region government employ relatable approaches in disseminating anti-fraud information, leveraging platforms popular among the youth. Additionally, technology firms, including gaming platform operators, should uphold social responsibility by proactively bolstering security measures to combat fraud from the outset.

Hong Kong resident Angie An Qi, mother of a 10-year-old boy, said she has begun teaching her child basic financial concepts and business logic but hasn't actively discussed preventing tech-fraud yet. As her child starts using electronic devices, she plans to introduce related information gradually during conversations, especially through real-life examples.

Lu Wanqing contributed to the story.

Contact the writer at amberwu@chinadailyhk.com