Hong Kong fraudsters use deepfake tech to swindle love-struck men out of HK$360 million

Hong Kong police have for the first time smashed a local fraud syndicate that used deepfake technology to swap the faces of the swindlers with those of attractive women in video calls to cheat love-struck men in the region, including Singapore, out of HK$360 million (U$46 million).

The force said on Monday it had arrested 27 people, including university graduates recruited by the syndicate to set up fake trading platforms that were used to lure victims into “investing” in cryptocurrencies.

The victims included men from Hong Kong, mainland China, Taiwan, India and Singapore, among others, the force said.

Sources said it was the first time local authorities had cracked down on a Hong Kong-based fraud syndicate that employed deepfake artificial intelligence (AI) technology to cheat people.

Police said the syndicate set up its operations centre in a 4,000 sq ft industrial unit in Hung Hom in October last year and began to recruit workers.

Senior Superintendent Fang Chi-kin, who heads the New Territories South regional crime unit, said the recruits included university digital media graduates, who helped the syndicate set up the fake trading platform and carry out their crimes through computer networks and social media platforms.