Hongkongers warned as scammers impersonate money changers, offer attractive exchange rates
- Police say they received eight reports of such money-exchange scams in the past two weeks, with financial losses exceeding HK$5.2 million
Fraudsters are posing as money changers and offering attractive rates via text messages or social media posts to cheat Hongkongers, prompting police to warn residents to be cautious while exchanging foreign currency.
People have been lured in with appealing exchange rates, with scammers convincing them to make advance payments to secure a “great deal”, according to the force.
“Once the money is transferred, tricksters will be out of contact,” police said on their CyberDefender Facebook page last week.
“Over the past two weeks, police have received eight reports of these money-exchange scams, with financial losses exceeding HK$5.2 million [US$665,850].”
A police source said scammers often offered exchange rates significantly better than the market’s to attract their targets.
“People involved in underground money exchanges could also be the target of these fraudsters,” the insider said.
