In Hong Kong, police arrested a criminal syndicate that used deepfake technology to disguise scammers as attractive women during video calls, tricking men into “investing” in fake cryptocurrency platforms. Since October 2023, the group set up an operation center in Hung Hom and hired digital media specialists, including university graduates, to create fake trading platforms and target victims through social media networks.

Victims, including men from Hong Kong, China, Taiwan, India, and Singapore, lost a total of 360 million Hong Kong dollars ($46.3 million). During the investigation, 27 people were arrested. This is the first known case in Hong Kong where scammers used AI-powered deepfakes to conduct a large-scale fraud.

Earlier, scammers also used a deepfake of Elon Musk’s face to defraud an 82-year-old retiree of $690,000 by offering a fake “attractive investment opportunity.”

We urge everyone to remain vigilant and cautious, thoroughly checking any investment offers. Protect your assets and rely only on verified sources of information!