With the rise of digital technology and the popularity of social media, more and more people are spending their time engaging in online activities, such as banking and investing. Unfortunately, this increase in e-commerce and online investment has also led to a rise in fraudulent activities, as scammers seek opportunities to exploit victims.
In HKMM 2025, the IFEC is collaborating with various stakeholders to organize a series of promotions and events centered around the theme “Guard Against Fraud Thrive With Resilience“. Our goal is to raise awareness about anti-scam measures and help individuals build good financial management habits, so they can be prepared for financial challenges and economic uncertainties.
Building financial resilience means being able to handle unexpected financial setbacks. It’s not about having a lot of money, but rather having the knowledge and skills to make wise decisions to overcome financial adversities and minimize losses and risks. Developing good spending habits, being a savvy investor, and protecting oneself against scams are all important factors in building financial resilience.
Common online scams
- Stock trading scams on social media
Social media has become a platform for scammers to operate their “ramp and dump” schemes in recent years. There are many social media groups operating under the premise of stock investment and learning of stock trading which allow investors to exchange views and information. To lend credibility, fraudsters will claim that their recommendations are based on exclusive tips from experts, or even inside information. Be suspicious when you hear of such investment pitches and question the credibility of the information and its source.
- Phishing scam
Phishing is a form of online fraud involving e-mails/ links claiming to be from your bank or other reputable company. Scammers attempt this ruse to set up beneficiaries on your accounts then transfer your money to their account, to hack into trading accounts, or to obtain trading authorizations. Never respond to e-mails that ask you to go to a website and update your details and input personal data. Your bank will never send you an unsolicited e-mail asking for this information.
- Sweet-talking tactics on social media
Advice on social media such as WeChat (微信女) from sweet-talking fake female personas and “experts” to entice netizens to get their authorization letter to make online investment. People should stay vigilant when allowing third party authorization.
