Gold scams are a reminder that crime prevention must keep up

Police have rightly issued a warning about the dangerous escalation in scam tactics, underscoring the need for better awareness and prevention. The students were targeted by thieves posing as officers from Shanghai’s public security bureau and Hong Kong’s Independent Commission Against Corruption (ICAC). They were told they were implicated in money laundering or other crimes and ordered to cooperate with bogus investigations.

The students aged between 19 and 26 were studying in the United Kingdom, Australia and other countries when scammers instructed them to fly to Hong Kong and buy gold pellets from jewellery stores. The thieves then posed as ICAC officers and arranged in-person meetings with the victims to collect the gold before vanishing.

When the victims realised they had been deceived, they called local police. The force’s Anti-Deception Coordination Centre said losses ranged from HK$740,000 (US$94,400) to more than double that figure.

Other scams continue as well, with police warning in mid-April about a surge in online investment fraud. Among 80 cases reported in a single week, one woman lost about HK$7.7 million in cryptocurrency to a bogus “investment expert” promising high returns. Anti-scam apps, education campaigns and greater involvement of the banking sector have been welcome steps to support law enforcement.

The work must continue to evolve as scammers, often operating from overseas centres the size of small cities, exploit new vulnerabilities with artificial intelligence and seemingly limitless imagination. Sweeping up physical gold is only the latest twist. It must be countered with awareness in the broader community. Authorities could also explore enlisting gold brokers as a last line of defence, looking out for vulnerable young people who come through the door.