If someone approaches you with a promise of a low-risk, high-return investment plan that sounds too good to be true – it probably is. So far this year in Hong Kong, online fraudsters have scammed over HK$132 million out of victims’ pockets, nearly four times more than in 2021. Just this week, police arrested seven people in a low-interest loan scam, which cost 48 victims a total of HK$2.8 million.
With COVID raising unemployment rates in Hong Kong, more people have become susceptible to falling into investment traps rampant on social media.
Whether you’re a student, housewife or business owner, watch out for con artists who try to lure you with their good looks and charm.
“They show off their well-off lifestyle and post photographs of luxury cars and watches on social media to draw their target’s attention,” said Superintendent Yip Wing-lam of Hong Kong’s commercial crime bureau.
“The victims were told they would secure their loans in higher amounts if they could put in more money for surety,” said Lau Kai-yin, Senior Inspector of the Hong Kong police force, in reference to the arrest of seven scammers this week.