A recent wave of online investment scams has hit Hong Kong, with over 80 cases recorded in a single week resulting in combined losses of near $10 million. The scams often involve fake promises of guaranteed returns and use AI to add credibility to their pitches.
The latest victim is a woman who lost nearly $1 million to an AI-powered crypto scam. She had been using the platform for weeks, making 17 separate transfers of cryptocurrency before realizing it was fake.
According to authorities, the scams often start with unsolicited investment advice on social media or messaging apps, with scammers posing as investment experts and promising high returns through AI trading strategies.