Average loss for elderly Hongkongers to investment scams jumps 33% to HK$1.08m

The average loss suffered by elderly victims of investment scams in Hong Kong rose by a third year on year to HK$1.08 million (US$137,600) in 2026, the city’s police chief has said, calling for greater community vigilance against syndicates preying on retirees.

Commissioner of Police Joe Chow Yat-ming on Tuesday also warned of a recent surge in scams involving fraudsters posing as customer service officers, with such cases nearly doubling from last year.

Speaking at the launch of “Anti-fraud Cinema” organised by Standard Chartered Bank, Chow said Hong Kong recorded 29,670 scam cases in the first eight months of this year, a 5 per cent increase over the same period in 2025, accounting for half of all crimes in the city.

He added that 5,119 scams were recorded in August alone, a monthly record high.

Total losses from scam cases reached HK$5.2 billion as of August, a 4 per cent rise from the same period last year.

Investment scams accounted for HK$2.33 billion of those losses. Chow said the average amount lost by seniors in such cases had jumped from HK$810,000 last year to HK$1.08 million this year, an increase of 33 per cent.

“Quite a number of elderly people or those who have just retired plan to invest their savings and pensions, and hope to enjoy their later years,” Chow said. “Unfortunately, some encountered impostor investment experts online and ended up losing everything.”

In one case, he said, a retiree joined a WhatsApp investment group after getting to know a purported investment expert. She was told to download a counterfeit investment app and transferred large sums to multiple bank accounts.

The victim later realised she could not withdraw her investment and lost HK$1.8 million over two weeks.

Chow also highlighted a rise in scams in which fraudsters posed as customer service officers and deceived victims with claims such as flight cancellations or damaged parcels.

He reminded the public that airlines and courier companies would never ask customers for bank account details or demand fund transfers.

As of July, all 28 retail banks in the city had joined FINEST, a joint data-sharing platform launched by the police, the Hong Kong Monetary Authority, and the Hong Kong Association of Banks to track and block suspicious accounts.

“The police regularly review crime trends and adjust the strategies for combating fraud,” Chow said.

“Anti-fraud work is a prolonged battle that requires joint efforts from all sectors of society. By raising public awareness and their defence capability, we aim to intercept scams at the source.”