Hong Kong Police Warn of Surge in Fake AI Trading App Scams After Woman Loses HK$1 Million

Hong Kong police have issued a fresh warning over cryptocurrency and AI-themed investment scams after a woman lost more than HK$1 million through a fake trading application promoted on social media.

According to details released through the force’s CyberDefender platform, the victim was first drawn into the scheme through a Facebook advertisement promoting AI-powered cryptocurrency investment services. After clicking the link, she was redirected to a WhatsApp group claiming to provide access to “professional crypto investment experts” and premium trading opportunities.

The scammers later instructed her to download a fraudulent investment application and transfer HK$80,000 into a designated cryptocurrency wallet. The app displayed fabricated profits and trading gains, convincing the victim to transfer an additional HK$1 million before discovering the platform was fake.

Police said the case forms part of a broader wave of investment fraud activity targeting retail investors in Hong Kong. More than 70 investment scam reports were filed in just one week, with combined losses exceeding HK$50 million.

Authorities warned that many of the latest scams now combine AI-related marketing narratives, fake crypto trading dashboards, social media advertising and WhatsApp investment groups to create the appearance of legitimate trading operations. Victims are frequently shown fake portfolio growth, simulated profits and successful withdrawal records designed to encourage larger deposits.

Police also highlighted a parallel scam trend involving unsolicited WhatsApp messages from self-proclaimed “investment masters” claiming to possess insider trading information or exclusive market strategies. Victims are typically directed to unofficial apps, suspicious websites or private investment chat groups promoting high-return trading opportunities.

Hong Kong recorded 1,003 investment scam cases in the first quarter of 2026, with losses reaching HK$680 million.

The warning follows a wider regional anti-scam operation involving 10 jurisdictions, where authorities uncovered more than US$752 million in scam-related losses tied to investment fraud, impersonation scams and online deception networks.