Hong Kong Woman Loses HK$1 Million to Fake AI Investment App

A Hong Kong woman has fallen victim to a sophisticated online scam, losing more than HK$1 million after being duped into investing in a fake AI-powered trading app.

According to the police's CyberDefender page, the victim was initially contacted through Facebook by a group claiming to offer connections with 'cryptocurrency investment experts.'

The group convinced her to download a sham investment app, where she was instructed to transfer HK$80,000 to a personal cryptocurrency wallet. Encouraged by the app's notifications showing substantial returns, she later transferred an additional HK$1 million.

However, it soon became apparent that the investment was a scam, with the victim realizing her loss after discovering the true nature of the app.

The police have issued warnings about similar scams, highlighting the dangers of investment platforms promising guaranteed high returns or requesting transfers into personal wallets. In the past week alone, over 70 such cases have been reported, resulting in total losses exceeding HK$50 million.