My finance expertise was no defence against online scammers

As a finance professional, I have attended courses about financial crime for decades, supported by continuous annual training. So how was I still taken in recently? Was my guard lower because it was in a private capacity? The scam thankfully concluded with no adverse results – only because people had fallen victim before me, not because of my own wisdom.

Hong Kong police do a good job in combating cybercrime, but artificial intelligence (AI) is now driving a tsunami of losses with even the most savvy of individuals getting scammed. Online financial fraud is prevalent in investment: honey traps, loan scams or those targeting family members or friends motivated to help through kindness.

Last year, deception cases accounted for more than 48 per cent of all crime in Hong Kong, with known losses reaching nearly HK$3.6 billion (US$459.4 million). Voices and videos can be faked to sound like police, major corporations, computer help desks or family members.

I still implicitly trust a respected financier who was recently defrauded online of US$5 million in retirement savings. My story is worth telling to show that, but for the grace of God go all of us.

I received a WhatsApp message from a globally experienced, senior Japanese banker, a good friend whom I have known for 16 years. The message began with some plausible pleasantries and asked if I would pay HK$13,000 to a merchant to pay for some goods for a family member. Naturally, I checked his WhatsApp profile, which displayed his recent photograph and correct phone number. I relied on this fundamental identity verification as I had no idea that these details could be spoofed within the WhatsApp application itself.