HONG KONG: A 70-year-old woman has lost more than HK$4 million after falling victim to an online romance scam in which the fraudster posed as a divorced acquaintance and persuaded her to invest in a fictitious gold trading scheme.
Police said the scam began when the woman received a WhatsApp message from a man claiming to know her from the past. The two developed a virtual relationship, during which the scammer introduced himself as a trader with access to lucrative gold investments.
He later offered to open and manage an investment account on her behalf, instructing her to make deposits. Over a three-month period, the woman made more than 60 cash deposits via ATMs into multiple personal bank accounts.
The scam escalated when the fraudster demanded additional payments for supposed “profit taxes.” Believing the claims, the woman continued transferring funds until the man abruptly cut off contact.
Police said the victim depleted over HK$300,000 in personal savings and borrowed heavily from her children and relatives, bringing total losses to more than HK$4 million.
Authorities noted that between Dec 1 and Dec 17, more than 50 online romance scam reports were received, involving losses exceeding HK$16 million, with over 40% of victims aged 50 and above.
The public is urged to remain cautious of online relationships, avoid high-return investment offers, consult family members before making financial decisions, and use scam screening tools to assess potential risks. Source: The Standard
HackWarn.com Analysis
Why this scam succeeded
- Emotional trust building: The scammer posed as a familiar peer, lowering suspicion and accelerating emotional attachment.
- Romance-investment blend: Combining affection with “investment opportunities” is a common tactic to justify repeated payments.
- Fragmented transfers: Multiple small deposits into different personal accounts reduced immediate red flags.
- Authority pressure: Fake “tax” or “profit release” fees are used to extract more funds before disappearing.
- Targeting older adults: Victims aged 50+ are frequently targeted due to savings, trust, and less exposure to digital fraud patterns.
What the public should do now
- Do not invest with online contacts especially those proposing to manage funds for you.
- Never transfer money to personal accounts for investments or taxes.
- Pause and verify: Consult family or trusted advisors before any large transfer.
- Use scam screening tools and report suspicious activity immediately.
