Hong Kong SFC Launches New Anti-Scam Campaign “Don’t be Sucker” to Warn Public of Common Tactics in Fraudulent Schemes & Caution Investors Against Investment Scams Especially on Digital Platforms, Campaign Focuses on 3 Common Scam Scenarios – Online Romance Scams, Impersonation & Deceptive Tips from Financial Influencers, Victims Reported $282 Million Losses in Over 3,400 Cases to Hong Kong Police from 2024 January to September
13th December 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has launched a new anti-scam campaign “Don’t be Sucker” to warn the public of common tactics in fraudulent schemes and to caution investors against investment scams especially on digital platforms. The “Don’t be Sucker” campaign focuses on three common scam scenarios, namely online romance scams, impersonation, and deceptive tips from financial influencers. From 2024 January to September, victims had reported $282 million losses (HKD 2.2 billion) in over 3,400 cases to the Hong Kong police. Hong Kong SFC (13/12/24): “The Securities and Futures Commission (SFC) today launched a new anti-scam campaign titled “Don’t be Sucker” to raise public awareness of the common tactics used in fraudulent schemes, as part of its ongoing efforts to caution investors against investment scams especially in the digital realm. Central to this initiative is the debut of an original cartoon character named Shui Yu (水魚), which pervades the SFC’s new anti-scam advertisements and other publicity materials. Shui Yu symbolises an impulsive, simple-minded and gullible personality that is commonly an easy target of investment scams (Note 1). To keep up with the evolving trends of scams and more effectively help investors sidestep pitfalls, the SFC has remodelled its publicity efforts by focusing on three common scam scenarios, namely online romance scams, impersonation, and deceptive tips from financial influencers. In recent years, investors are increasingly exposed to scams of emerging forms, given the rise of online investment as well as prevalence of instant messaging and social media apps. In the first nine months of 2024, over 3,400 cases of online investment scams were reported to the Police, involving a total loss of $2.2 billion. The SFC also handled more than 360 complaints related to fraud and scams during the same period … … Apart from the Shui Yu character, the campaign presents a catchy rap song and music video which reinforce the SFC’s fraud prevention messages and instil a vigilant mindset in a more engaging manner. The song and music video are available on Shui Yu’s YouTube channel and more anti-scam tips will be shared on Shui Yu’s dedicated Instagram account. To further engage with the public, the SFC will set up a booth themed “Rescuing Shui Yu” providing fun and educational games for all age groups at the Anti-Scam Carnival hosted by the Hong Kong Police Force. The carnival will be held at the Art Park of the West Kowloon Cultural District on 14-15 December 2024.”
“ Hong Kong SFC Launches New Anti-Scam Campaign “Don’t be Sucker” to Warn Public of Common Tactics in Fraudulent Schemes & Caution Investors Against Investment Scams Especially on Digital Platforms, Campaign Focuses on 3 Common Scam Scenarios – Online Romance Scams, Impersonation & Deceptive Tips from Financial Influencers, Victims Reported $282 Million Losses in Over 3,400 Cases to Hong Kong Police from 2024 January to September “
Julia Leung, Hong Kong SFC CEO: “Like enforcement, education is another essential prong of our efforts to maintain financial market integrity and protect investors against fraudsters. While bad actors continue to leverage new methods and technology for their own gains, it is critically important that we also move with the times in our education efforts, to empower investors to serve as the first line of defence themselves against potential harm. Our new, innovative approach centring on Shui Yu will find an audience among investors of all age groups, especially the younger generation, thus driving home our key message to stay cool-headed towards too-good-to-be-true investment offers.”
Note:
- Shui Yu has unfocused eyes that drift towards quick gains. It is often misled by superficial information and overlooks potential risks, with a craving for investment tips without deep understanding and a tendency to invest without considering its own risk appetite.
Hong Kong SFC Launches New Anti-Scam Campaign “Don’t be Sucker” to Warn Public of Common Tactics in Fraudulent Schemes & Caution Investors Against Investment Scams Especially on Digital Platforms, Campaign Focuses on 3 Common Scam Scenarios – Online Romance Scams, Impersonation & Deceptive Tips from Financial Influencers, Victims Reported $282 Million Losses in Over 3,400 Cases to Hong Kong Police from 2024 January to September
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