TransUnion Reveals Hong Kong Consumers Reported the Highest Median Digital Fraud Loss of HK$48,000 Among All Surveyed Global Markets

Identity theft, vishing and money mule scams were the top drivers of digital fraud-related monetary losses

• Despite a lower suspected digital fraud rate of 2.8% in 2025 compared with the global figure of 3.8%, Hong Kong showed a contrasting pattern of lower-frequency but higher-severity fraud
• The telecommunications industry exhibited the highest suspected digital fraud rate in Hong Kong in 2025, followed by communities and logistics
• Account login represented the highest-risk stage for attempted transactions in Hong Kong, with a 10.1% suspected digital fraud rate, more than twice the global average

Analysis from the H1 2026 Update to the Top Fraud Trends Report published by TransUnion (NYSE: TRU) found that 2.8% of all attempted digital transactions where the consumer was in Hong Kong were suspected to be digital fraud¹ in 2025, down from 5% a year ago and below the global rate of 3.8%. This  is also reflected in the city’s official statistics, which recorded a modest 2.9%² year-on-year (YoY) decline in fraud cases in 2025, while Q1 2026 also showed a 0.6%³ YoY decrease, possibly supported by continuous public initiatives and broader awareness campaigns, along with more cautious risk management practices adopted across the private sector.

Encouragingly, this progress was also mirrored in consumer sentiment. More than half (53%) of Hong Kong consumers reported that they did not recall or recognise being targeted by digital fraud via online, email, phone call or text messaging from August to December 2025, marking a 10% increase compared with 2024 and above the global figure of 47%.⁴

Hong Kong Showed a Contrasting Pattern of Lower-Frequency and Higher-Severity Fraud

Despite a decrease in the suspected digital fraud rate, 17% of Hong Kong consumers reported financial losses due to digital fraud in the last year, according to a TransUnion survey conducted between November and December 2025 across 18 countries and regions, including 1,000 respondents from Hong Kong. This brings the median fraud loss to US$6,155, equivalent to approximately HK$48,000⁵ – substantially higher than the global median of US$1,671 (approximately HK$13,000⁵), positioning Hong Kong as the market with the highest median fraud loss among all regions surveyed.

Yet this significant financial exposure has not translated into proportionate vigilance. Among those Hong Kong consumers who discovered they had fallen victim to fraud, fewer than half (46%) said they called the police, and only 42% indicated they placed a fraud alert on their credit report. This gap between the magnitude of the threat and limited mitigation or remedial actions taken underscores the importance of fostering more proactive consumer behaviours to strengthen individual defences against fraud and minimise the impact after falling victim.

Telecommunications, Communities and Logistics Emerged as Top Targets for Suspected Digital Fraud

In 2025, the telecommunications industry recorded the highest suspected digital fraud rate at 5.8% for attempted transactions where the consumer was in Hong Kong, notably exceeding the global average of 4.2% and representing a 56% YoY rate surge. These figures highlight the heightened risk facing the telecommunications sector, as fraudsters increasingly leverage telecommunications networks, mobile services and high-volume digital transactions to carry out fraudulent activities.

The elevated risk aligns with findings from the Anti-Deception Coordination Centre (ADCC) ⁶. In 2025, scams involving impersonation of a telecommunications service provider staff were reported, with fraudsters using stolen personal data, including names and HKID numbers, to fabricate credibility and deceive individuals into conducting fraudulent payments.

Meanwhile, the communities’ industry, comprising online dating sites and forums, remained the second-riskiest sector in Hong Kong in 2025 with a 5.4% suspected digital fraud rate, reflecting a trend from the previous year. This was followed closely by the logistics industry at 5%, a figure that significantly exceeded the global average of 1.6%.

"While Hong Kong’s suspected digital fraud rate is below the global benchmark, our study reveals that local consumers report suffering the highest median fraud losses, more than 3.5 times the global level. Despite this, many consumers still overlook essential remedial measures even after recognising they have been fallen victim to fraud," said Devon Sin, chief product officer at TransUnion Asia Pacific. "Fraud risk remains persistent and widespread, especially in the telecommunications industry as mobile usage becomes integral to everyday transactions, opening up more avenues for abuse. Hence, consumers must proactively leverage trusted tools to continuously monitor and safeguard their personal information before fraudsters have the opportunity to strike."

Fraudsters Targeted Early Stages of Consumer Lifecycle, Prompting Reinforced Protection at Every Touchpoint

Vulnerabilities in consumers’ digital lifecycle were particularly prominent during the initial stages. Account logins recorded the highest suspected digital fraud rate at 10.1% in Hong Kong in 2025, more than twice the global average of 4.3%. Similarly, the suspected digital fraud rate during account creation was also high at 9.7%, exceeding the global average of 8.3%. In contrast, financial transaction suspected digital fraud in the city was significantly lower at 0.3%, suggesting that strong security protocols are in place for authenticated users.

The Suspected Digital Fraud Rate of Account Creation and Login in Hong Kong Both Surpassed Global Levels in 2025

Source: TransUnion global intelligence network
 

With account creation and login reported as key points of vulnerability, attacks could involve misuse or manipulation of personal identities. In Hong Kong, such identity-based attacks have been a significant driver of financial losses. In particular, identity theft (personal information like name, address or phone number was stolen in a data breach) emerged as the top reported cause of fraud loss, cited by 34% of Hong Kong consumers who said they lost funds to digital fraud in the last year. This was followed closely by vishing (fraudulent phone calls that induce consumers to reveal personal information) and money mule scams (consumer being solicited to transfer or move illegally acquired money on behalf of someone else), both at 31%.

In response, Hong Kong consumers have become increasingly vigilant and are gravitating towards businesses that guarantee stringent authentication and layered defences. The vast majority (79%) of respondents expressed a preference for accessing online services such as bank accounts with explicit authentication, and 75% favoured keeping multi-factor authentication permanently enabled. When asked which extra security measures they preferred, consumers’ top answers were facial biometrics (19%) and fingerprint biometrics (18%), highlighting a growing trust in advanced technologies.

“Fraudsters continue to zero in on the most vulnerable links in the consumer journey. As fraud tactics become more sophisticated through AI technologies such as deepfakes, consumers are increasingly reliant on businesses to protect them across their entire digital experience, making robust safeguards critical at every stage,” added Sin. “To effectively combat fraud threats – particularly identity theft, one of the most prevalent risks in Hong Kong according to our data – the traditional single-layered approach is no longer sufficient. Businesses must adopt a multi-layered strategy that combines strong and accurate authentication, specialised deepfake detection and reliable identity document verification from the outset. These measures, together with effective device validation and network intelligence, are essential to protecting consumers, strengthening trust and ultimately fostering a safer, more resilient digital economy today.”    

TransUnion came to its conclusions about digital fraud based on intelligence from its array of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes the Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

¹ Suspected digital fraud attempts reflect those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

² Info.gov.hk: Law and order situation in Hong Kong in 2025 (with photos)

³ Info.gov.hk: Remarks by the Secretary for Security after attending the Fight Crime Committee meeting (Chinese only) (with video)

⁴ TransUnion surveyed 1,000 consumers in Hong Kong from Nov. 20 to Dec. 8, 2025 as part of the global survey of 12,730 consumers in 18 countries and regions.

⁵ Based on the exchange rate on Dec. 29, 2025 when calculated for the report.

⁶ Anti-Deception Coordination Centre: Caution: Three Tricks Employed by Scammers Posing as CMHK Staff