Legislators and ex-officials on Friday launched an "anti-scam alliance" which they said will help educate the public on how not to fall prey to fraudsters.

The group's members include former security chief Lai Tung-kwok, former police commissioner Tang King-shing and veteran financial expert Lai Wing-leung.

Lai Tung-kwok said there's a need to spread anti-scam methodologies, trends, and information with the public in a more profound way to raise awareness.

“Many fraudsters are luring investors who want to make some small money first before scamming them on bigger investments,” he said.

Lai Wing-leung said the alliance will provide lectures about fintech products, and there are plans to designate March 31 as "anti-fraud day".

Lawmaker Johnny Ng, meanwhile, said the group will study overseas regulations to help them propose laws and policies to combat scammers.