One middle‑aged man, misled by a fraudulent message, ended up losing as much as HKD820,000. This type of scam isn’t fabricated; it is carefully designed and methodically executed, making it difficult to guard against. The best way to safeguard your finances is to understand how these scams work and learn how to protect yourself.

Despite increased government efforts to raise awareness about fraud prevention, many people still fall into these traps. From a psychological perspective, we can better understand who is most likely to become a target of these scams and how they can protect themselves.

In recent years, insurance scams have become increasingly sophisticated, catching many off guard. These scams are pervasive and often hard to detect, affecting both the young and the elderly alike. Beyond financial losses, victims of such scams may also experience disruptions to their family life, and in more severe cases, damage to their personal credit ratings. If you unfortunately fall victim to one of these scams, the most important thing is to remain calm and take immediate action to minimise the impact.

As the saying goes, ‘Scammers are always coming up with new tricks.’ Beyond common scams such as online job scams, fake reviews, ‘guess who I am’ schemes, and romance fraud, phone scams have also infiltrated the insurance industry. Scammers often impersonate government agencies or employees of large corporations, using seemingly legitimate reasons to deceive individuals into revealing personal information, ultimately to illegally obtain money. These types of scams not only disrupt people's everyday lives but can also result in substantial financial losses. Therefore, understanding the latest insurance phone scam tactics and how to protect yourself is crucial for everyone.