A Hong Kong woman was defrauded of over HK$1 million by a fake AI-powered cryptocurrency trading app, part of a surge in similar scams costing over HK$50 million.

A Hong Kong woman has lost more than HK$1 million (US$127,636) after being lured into a fraudulent cryptocurrency scheme disguised as an artificial intelligence-powered trading app, with police reporting that over 70 similar scams had been recorded in the past week alone, resulting in total losses exceeding HK$50 million. Details released on the police’s CyberDefender page on Tuesday showed that the victim first spotted a fake investment advertisement on Facebook, which led her to a WhatsApp...