HONG Kong police have exposed a sophisticated romance scam that exploited deepfake technology, leading to losses exceeding $46 million among victims across Asia.

The announcement came during a press conference on Monday, where authorities detailed the arrest of 27 individuals linked to the fraudulent scheme, which targeted men from Taiwan to Singapore and as far as India.

The suspects, aged between 21 and 34, included 21 men and 6 women who were primarily well-educated, many with backgrounds in digital media and technology.

Police believe they were recruited by the gang after attending local universities.

The group allegedly collaborated with IT specialists overseas to develop a fake cryptocurrency platform that coerced victims into making substantial investments.

Deepfakes, which are realistic fabrications of video and audio content created through artificial intelligence, have become increasingly utilized by scammers.

This particular scheme is a variant of the “pig-butchering” scam—named for the process of “fattening up” victims before defrauding them—where con artists establish false online identities and cultivate relationships over months to secure investments in fake crypto sites.

The Hong Kong police emphasized that this organized crime ring was well-structured, with members assigned specific roles in executing the scam.

They even utilized a training manual to guide recruits in manipulating victims’ emotions and trust, showcasing the lengths to which the scammers went.

Techniques included creating tailored personas, fabricating personal crises, and painting idyllic visions of the future to entice victims into investing.

The scam, which had been operational for approximately a year, was brought to light following intelligence received by the police around August.

During a raid on the group’s alleged headquarters in the Hung Hom district, officers seized over 100 cell phones, nearly $26,000 in cash, and several luxury watches.

Earlier this year, a British multinational design firm in Hong Kong lost $25 million to fraudsters who used deepfake technology to impersonate company executives.(CMM)

• Tags
• #Hong Kong Police
• #Romance scam
• #Deepfake
• #Pig-Butchering Scam