Hong Kong police have reportedly busted a syndicate using deepfake images of attractive women to pull off romance and investment scams. According to the South China Morning Post (SCMP), the group operated out of offices in Kowloon’s industrial district and targeted victims in Taiwan, Singapore, and Malaysia.
The alleged group managed to rake in over HK$34 million (US$4.37 million) in fraudulent gains. Acting Chief Superintendent Kung Hing-fun revealed the syndicate had been active in Hong Kong for three months but operated overseas for over a year.
Gaining trust by posing as single women
Senior Inspector Fong Sze-wing from the Commercial Crime Bureau told SCMP that members were trained to manipulate victims effectively. “Syndicate members would teach new recruits how to approach victims and converse with them, such as getting to know the victim’s occupation, education level, financial goals and cryptocurrency investments.
“They would also flaunt a wealthy lifestyle to fan the victim’s desires and gain their trust that the scammer was living a decadent life.”
The scams relied on deepfake technology. According to the report, the swindlers would create profiles of glamorous women using AI to combine various photos sourced online, often without the original user’s consent. The fabricated personas were used on dating apps and in videos, showing off lifestyles filled with golf, fine wine, luxury travel, and other indulgences. Some of the source images even appear to have come from professional models.
As per the report, the scammers were trained to talk about topics like learning Japanese, playing golf, and even tasting red wine worth over HK$100,000 (US$12,850) a bottle, in order to convincingly pose as wealthy single women. Scammers built online relationships, convincing victims to transfer cryptocurrencies to fake platforms before vanishing. The individuals arrested were between 20 and 34 years old, with some being students looking for quick cash. Five people face charges, while others are out on bail.
Hong Kong faces growing number of AI deepfake romance crypto scams
It isn’t the first time Hong Kong police have dismantled organized networks using AI deepfake romance scams to deceive victims out of crypto. In October, ReadWrite reported that 27 people were arrested for using artificial intelligence-based deepfake technology to swindle victims out of $46 million in cryptocurrency.
The group was also suspected of teaming up with overseas scammers and IT experts to create a fake cryptocurrency investment platform.