Hong Kong woman loses 180 million won to fake investment app: "They said AI would make money for me"

[Financial News] A woman in Hong Kong lost more than HK$1 million after falling for a scam disguised as an Artificial Intelligence (AI) investment app. She joined an investment chat room through a social networking service (SNS) advertisement, downloaded a fake app, and then sent additional money after trusting the returns shown on the screen. Local police said more than 70 similar investment scam reports were filed in the past week.

The South China Morning Post (SCMP) reported on the 26th that a woman in Hong Kong lost more than HK$1 million, or about 180 million won, in a fake AI investment app scam.
According to information released on the Hong Kong Police Force's Cyber Security and Technology Crime page, the victim saw a fake investment ad on Facebook. When she clicked the link in the ad, she was taken to a WhatsApp chat room. There, she was told that an expert in cryptocurrency investment would be introduced, and was persuaded to download an investment app.

The victim first sent HK$80,000, or about 14.5 million won, to a personal crypto wallet. The app later displayed alerts suggesting large profits. Believing them, she sent an additional HK$1 million before realizing it was a scam.
Police warned that investment platforms claiming to guarantee stable returns or high profits, as well as requests to transfer money to a personal wallet, are highly likely to be scams.

Similar investment scam reports have continued to rise in Hong Kong. Police said they received more than 70 reports of investment fraud in the past week, with losses exceeding HK$50 million, or about 9.2 billion won.
Police also said people should be wary of scammers who send random messages on WhatsApp and pose as investment experts. If a stranger approaches you with promises of high-return investment tips, or asks you to install a separate app and transfer money to a personal wallet, you should not respond.
Even if an investment app claims to use AI, users should check whether it is properly registered as a financial business and who operates it. The returns shown on the app screen can be manipulated, and any investment pitch that promises principal protection or stable high returns should first be suspected as a possible scam.


hsg@fnnews.com Han Seung-gon Reporter