Digital fraud rates continue to be above average in Hong Kong, with Gen Z users being targeted, and online scammers favoring forums and dating sites as hunting grounds for victims, according to a new study.
A July study by Chicago-based consumer credit reporting firm TransUnion found that 5.7% of all digital transactions by Hong Kong consumers in the first half of 2024 were suspected to be fraudulent, compared to the global average of 5.2%. exceeded. Agency.
Community sites such as forums and dating sites are the main locations for fraud in the city, with 15% of interactions suspected to be fraudulent, higher than the global average of 11.5%, according to findings released on Wednesday. . This may have been caused in part by “malicious actors using synthetic or stolen identities to open accounts,” TransUnion said.
“Despite the good faith efforts of local governments and agencies to identify and prevent fraud, consumers and businesses continue to exploit personal data at scale to carry out fraudulent schemes. We are facing increasingly sophisticated cybercriminals,” said Jerry Yin, Chief Product Officer. At TransUnion Asia Pacific.
“This highlights the urgent need for businesses across the industry to continue to strengthen their ability to protect consumers from online fraud.”
Gen Z and Millennial consumers are the most affected by scams, with 51 percent of Gen Z respondents saying they have been the victim of a scam in the past three months. According to the report, this may be due to frequent use of digital devices. Meanwhile, it turns out that millennials are actually the most likely to suffer losses from fraud.
