HK sees higher digital fraud rate, but fewer victims

Phishing was the leading type of fraud experienced in Hong Kong.

In 2023, 6.6% of digital transactions in Hong Kong were suspected to be fraudulent. Compared to the global rate of 5%, Hong Kong's suspected digital fraud rate of 6.6% is 32% higher.

According to TransUnion, Hong Kong consumers frequently faced scams or deceptive tactics aimed at accessing their accounts. 

In December 2023, 50% of the surveyed Hong Kong consumers reported fraud via email, online, phone call or text schemes in the last three months.

Fortunately, only 5% reported falling victim to fraud, significantly lower than the 11% in the 18 countries and regions surveyed.

Phishing or fraudulent emails, websites, social posts, QR codes, etc., meant to steal data, was the leading type of fraud experienced in Hong Kong and globally.

The report also showed that 11.1% of transactions where the consumer is in Hong Kong were associated with digital account login to be fraudulent.

The report also indicated that 11.1% of transactions involving Hong Kong consumers during digital account logins were fraudulent in 2023. 

Meanwhile, account creation had the second highest rate of suspected digital fraud at 4.9% of all related online transactions, including signups, registrations, and loan applications.

Notably, the highest fraud rate recorded for Hong Kong transactions was in retail at 8.4% in 2023, down 28% from 2022. Financial services and travel and leisure followed with a 7.8% rate.