February 11, 2025
By Our Correspondent
Hong Kong residents lost more than HK$200 million (US$25.7 million) to online fraud in just one week last month, with artificial intelligence (AI) playing a key role in one of the biggest scams.
According to police, a merchant was deceived into transferring HK$145 million in USDT cryptocurrency while trying to purchase cryptocurrency mining equipment. The victim had been negotiating the deal via WhatsApp with what appeared to be a financial manager from a mainland Chinese company.
During the discussions, the merchant received WhatsApp voice messages that seemed to be from the financial manager, instructing them to transfer funds to a designated cryptocurrency wallet. The victim followed these instructions and made three separate transactions, only to later realize it was a scam.
Investigators discovered that fraudsters had compromised the WhatsApp account of the real financial manager. They likely used AI to clone the manager’s voice, tricking the victim into believing they were speaking to the legitimate representative.
This case was the largest single scam reported between January 20 and 26. Another significant online scam during this period involved a property owner who lost HK$7 million to a fraudster posing as an investor.
The woman had listed her flat for rent on a real estate platform and was contacted by a stranger through WhatsApp. The scammer, pretending to be a potential tenant, built trust by sending her gifts such as trainers and a scarf. Eventually, he convinced her to invest in cryptocurrency through a bogus trading platform called Coinupex. She made multiple payments totaling HK$7 million before realizing she had been deceived.
Police Commissioner Raymond Siu Chak-yee has warned residents to stay alert against rising investment scams, particularly those involving fraudsters impersonating officials or using online romance schemes to gain victims’ trust.
In response to the increasing scams, police have issued warnings through their CyberDefender social media page. Authorities urged the public to verify suspicious links using the Scameter search engine, available through the CyberDefender website and mobile app.
With Valentine’s Day and the Spring Lantern Festival approaching, officials have reminded residents to be extra cautious, as fraudsters often exploit emotions to manipulate victims.
