Police have warned that scammers are using false promises of “AI analysis” for cryptocurrency investment and fake mobile apps to defraud victims, with more than HK$50 million lost in over 70 cases reported in the past week alone.

According to the force’s CyberDefender Facebook page, one case involved a victim who came across a fraudulent investment advertisement on social media.

After clicking the link, the victim was redirected to WhatsApp and contacted by a scammer posing as a “cryptocurrency investment expert.” The victim was then lured into downloading a fake investment platform app and instructed to transfer HK$80,000 to a cryptocurrency wallet.

The app later showed what appeared to be substantial investment returns,…