The Investment Committee collaborates with international peers to combat online romance scams, listing warning signals to identify fraudsters

It is estimated that online romance investment scams have caused losses of billions of dollars worldwide. Local investors and the Financial Education Committee in Hong Kong, in collaboration with international peers, are participating in a global financial fraud prevention campaign led by the International Organization of Securities Commissions to combat online romance investment scams.

In Hong Kong, losses from scams related to online romance are estimated to be around HKD 562 million in 2024.

The Committee pointed out that this global initiative is launched by the Retail Investor Committee (C8 Committee) of the International Organization of Securities Commissions and will take place from tomorrow until this Saturday (November 11 to 14). The aim is to help investors recognize the warning signs of online romance investment scams, thereby equipping them with the necessary information to protect their interests.

Li Wanqiu, General Manager of the Committee and a member of the C8 Committee of the International Organization of Securities Commissions, stated that true love should be unconditional, selfless, and not influenced by personal interests, valuing the well-being of the other party. Unfortunately, scammers often exploit these precious values to lure victims into investment scams.

With Valentine's Day approaching, the Committee encourages the public to examine their romantic relationships, especially online ones, to ensure they do not become victims of scammers. At the same time, she suggests that everyone pay more attention to friends and family, proactively share the warning signs of online romance investment scams, and help them assess whether their romantic relationships are scams, working together to prevent emotional fraud.

The Committee also listed some warning signs to identify scammers, such as rapid relationship development, expressing strong emotions shortly after meeting; avoiding in-person meetings or video calls for various reasons; gradually steering conversations towards money or investments. A genuine romantic partner, especially in the early stages of a relationship, will not ask for financial assistance or present "investment opportunities"; the other party may require the victim to use specific and unknown trading platforms for investment and create an illusion of quick profits in the early stages to entice the victim to invest more funds; the other party will urge quick action, creating a sense of urgency, claiming that if they do not invest immediately, they will miss a golden opportunity