Scammers are adept at deception. In the digital world, they can change their appearances and identities easily to build friendships and relationships with victims before asking for money or enticing them into fake investment schemes.

AI Technologies

Changing one’s appearance with a click is extremely easy in the digital world.

The artificial intelligence (AI) advancements in recent years have led to the emergence of face-swapping and voice-cloning tools that can change someone’s appearance and expressions in a video or clone their voices realistically.

Scammers use fabricated images and videos to establish convincing personas, such as posing as professionals, military officers, doctors, or investment advisors. They employ these invented personas to build trust and relationships with individuals on social media, dating apps and gaming communities.

Relationship Investment Scams

As these face-swapping and voice-cloning tools have lowered the technical barrier for scammers, the number of investment scams involving emotional manipulation, such as relationship investment scams, has been on the rise.

Attractive appearances and perfect personas can be irresistible. To gain victims’ trust and affection, scammers may use AI to alter their appearance during video calls, presenting themselves with captivating and charming faces, or even impersonating well-known artists. There were cases where scammers impersonated a movie star during video calls, convincing victims that they were in a romantic relationship with a movie star.

After establishing a virtual friendship or romantic relationship with the victims, scammers will start to emotionally manipulate them, tricking them into offering money or participating in fake investment schemes.

Anti-Fraud Tips

Since relationship investment scams will lead to financial loss and emotional damage, it is important to stay alert and avoid falling for scammers.

Do not reply to messages from unknown individuals; instead, immediately delete and block them
Avoid sharing excessive photos and personal information on social media
Verify people you meet on social media, such as checking whether their account creation date and friend list appear unusual. You can also use reverse image search engines to check if the images or videos they share are stolen or manipulated
Refuse any financial request from social media friends, such as lending money for emergencies and participating in investment schemes, and never lend your bank account to them
Safeguard your financial and personal information carefully and never disclose it casually
Know the features and risks of the investment before making a decision
Do not trust investment opportunities that claim high returns but low risks, or any insider information
Stay updated on the latest scams and anti-fraud tips by regularly checking the “Scams” section of the IFEC website
Refer to the “Alert List” on the SFC website for details on suspicious investment products, websites, virtual asset trading platforms and more
If you suspect you have been scammed, report it to the Police immediately (Anti-scam Helpline: 18222; Anti-Deception Coordination Centre)