Hong Kong businesses reported HK$92 billion (US$11.84 billion) in financial losses from digital fraud over the past year, despite the city's overall digital fraud rate being lower than the global average, according to a new report by credit reference agency TransUnion. Conducted from late May to early June, the survey gathered data from 1,200 respondents worldwide, including 200 in Hong Kong, all in managerial roles overseeing risk and business fraud. In Hong Kong, only companies with an annual revenue of ...

Core Insights - The volume of U.S. data breaches decreased in 2024, but the severity of these breaches reached unprecedented levels since TransUnion began tracking in 2020 [1][5] Data Breach Volume and Severity - In 2024, primary data breaches fell to 2,577 from 2,842 in 2023, while third-party data breaches dropped significantly to 515 from 2,731 [2] - The severity of data breaches increased by 34%, with the primary U.S. Breach Risk Score rising from 4.1 to 5.6 and the third-party score increasing from 4.2 to 5.2 [2][5] Types of Data Breaches - Primary data breaches are direct attacks on organizations, while third-party breaches involve access through vendors or suppliers [3] - The 2024 breaches targeted higher-quality credentials, with consumers facing data harvesting scams across multiple channels [4] Financial Impact on Consumers - A survey indicated that 29% of consumers lost money due to various types of fraud, with a median loss of $1,747 [8] Digital Fraud Trends - Communities and video gaming were among the top industries targeted by suspected digital fraud, with communities experiencing a 12% fraud attempt rate [9][14] - The logistics industry saw the greatest increase in suspected digital fraud volume, up over 100% from 2023 [10][14] Consumer Awareness and Experience - In the U.S., 11% of respondents reported being targeted by fraud, with smishing being the most common scheme [14][15] - Nearly half of the respondents (48%) claimed they were not targeted by fraud, raising questions about awareness [16]