Hong Kong ranks third globally in average fraud losses for 2024

Hong Kong’s suspected digital fraud rate reached 6.2% in 2024, 15% above the global average.

Hong Kong residents reported an average financial loss of more than $33,500 due to fraud in 2024, placing the city among the worst-hit globally, according to TransUnion’s latest State of Omnichannel Fraud report.

The figure is nearly 2.5 times the global average of $13,600 and ranks Hong Kong third highest out of 18 countries and regions surveyed.

Hong Kong’s suspected digital fraud rate reached 6.2% in 2024, 15% above the global average, and marked the fifth straight year it has exceeded global levels.

The report linked this persistent risk to the city’s fast-paced digital adoption and the growing sophistication of online scams.

The retail industry was the hardest hit, with a suspected fraud rate of 17.8%, representing a staggering 113% year-on-year increase — the largest jump among all countries and sectors surveyed.

This trend was echoed by local police data, which showed 12,800 online shopping fraud cases and $356m in losses, up 87% from 2023.

Other heavily targeted sectors included online communities such as dating sites and forums (17.0%) and financial services (5.4%).

Notably, fraud in financial services declined by 18% YoY despite a 23% increase in digital activity.

Public anxiety is also rising. 95% of Hong Kong respondents expressed concern about becoming fraud victims, and more than half reported being targeted by scams within the past three months — primarily through phishing attacks via email, fake websites, social media, or QR codes.

Digital engagement continues to grow, especially among younger users. The survey found that 32% of consumers in Hong Kong now conduct more than half their transactions online, rising to 44% among Gen Z.