Internet, E-Fraudulence and Financial Loss

With the development and proliferation of computers and easy access to the internet, it becomes increasingly easy to put fraudulent information online.

According to a report by the Internet Society, Hong Kong’s internet user penetration rate is 74.2%, which ranks 32nd around the world.

A cybercrime study conducted by a group of students in Journalism and Media Studies Centre of The University of Hong Kong early this year further shows that there’s a major increase of cyber crime since 2011.

As a major part of cyber crime, internet fraudulence has the same overall trend. But if considered together with the financial loss it causes, you can find its own unique feature.

Number of Fraudulent Bank Websites, Phishing E-mails, Similar Scams and Loss

data source: Hong Kong Monetary Authority & government info security website

The chart above shows that the number of fraudulent bank websites, phishing e-mails and similar scams increased from 12 in 2009 to 37 in 2014, which makes a three times growth in 5 years.

However, the change of the financial loss that e-fraudulence caused is even more dramatic. The amount rose nearly 27 times, from HK$45.1 million to HK$1200.68 million, which means that there was more money involved in each case.

Cyber crime, especially online financial fraudulence, calls for more reactions.

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