Hong Kong authorities to use bank account blacklist, alerts system to tackle record number of online investment scams

Police say they received 810 reports of online investment fraud in August, a monthly record. Insider says force worked with Monetary Authority and Hong Kong Association of Banks to produce payee blacklist and scam alert scheme that will run from November. — SCMP

A record 810 Hongkongers, or 26 a day on average, fell victim to online investment scams in August, with the rising trend prompting authorities to set up an alerts system that will warn people transferring money into blacklisted accounts, the Post has learned.

With figures showing each victim this year was conned out of HK$500,000 on average, a Hong Kong police insider estimated losses from scams in August could reach as much as HK$400mil.