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Hong Kong Police Busts Deepfake Romance Scam That Stole $46M From Victims

Hong Kong Police Busts Deepfake Romance Scam That Stole $46M From Victims

99bitcoins99bitcoins2024/10/15 12:36
By:Ruholamin HaqshanasAkriti Seth

Hong Kong Police Busts Deepfake Romance Scam That Stole $46M From Victims image 0

Hong Kong police dismantled a fraud syndicate that exploited deepfake technology to deceive love-struck men across the region, including in Singapore.

The syndicate, operating out of Hong Kong, reportedly swindled victims out of HK$360 million ($46 million).

This is the first known case in the city where deepfake videos were used to manipulate victims in romance scams, according to a  local report published on 14 October 2024.

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27 Arrested In Connection With Scam

On Monday, authorities announced the arrest of 27 individuals connected to the scam, including 21 men and six women.

The suspects, aged between 21 and 34, were arrested on charges of conspiracy to defraud. They were caught after a police raid on a 4,000-square-foot industrial unit in the Hung Hom district, which served as the gang’s base of operations.

Furthermore, the police revealed that many of the arrested individuals were well-educated. In fact, some defrauders were graduates from local universities in digital media and technology.

The Hong Kong police have arrested 27 individuals suspected of orchestrating a sophisticated crypto romance scam, utilizing deepfake technology to deceive victims into investing in cryptocurrency. This operation, named "暗语" (Dark Code), led to the discovery of a scam that… pic.twitter.com/IRODAu9YOM

— Trust Echo (@Sumo76435074) October 15, 2024

The gang allegedly recruited these individuals to help with the technical aspects of the scam. They collaborated with overseas IT experts to create a fake cryptocurrency platform. The platform served as the primary tool to lure victims into fraudulent investments.

The scam began by targeting men across Taiwan, Singapore, even India. The victims were approached via text messages, where scammers, posing as attractive women, claimed to have mistakenly added their number.

Using deepfake technology, the scammers then engaged in video calls with the victims, swapping their real faces with those of women to gain trust and foster fake romantic relationships.

Deepfakes, that use artificial intelligence to create hyper-realistic fake video and audio content, have been increasingly used in scams and disinformation campaigns.

In this case, the scammers employed the technology to enhance a type of fraud known as “pig-butchering.” This scam involves building trust with the victim over time, only to eventually steal large sums by convincing them to invest in bogus crypto platforms.

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A Training Manual Outlining How To Emotionally Manipulate Victims!

Apparently, the syndicate was highly organized. Different departments were responsible for various stages of the fraud, according to police. Members were even given training manuals that outlined how to emotionally manipulate victims.

The manual included techniques such as learning about a victim’s worldview to craft a personalized story and fabricating hardships to deepen trust.

Ultimately, scammers promised a “beautiful vision” of a shared future, convincing victims to invest their savings into the fake platform.

Hong Kong police have been investigating the syndicate since receiving intelligence in August 2024. The operation resulted in the recovery of over 100 cell phones, luxury watches, and approximately $26,000 in cash during the raid.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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