Hong Kong police have just revealed an exceptionally convincing cryptocurrency scam. A virtual currency exchange employee’s WhatsApp account was hacked, and the scammers cloned the name, profile picture, and member list of a real work group exactly. They impersonated a client and requested an exchange. The employee actually transferred the tokens to a wallet provided by the scammers, costing the company more than HK$4 million in an instant. More than 150 WhatsApp hijacking scams of this kind have occurred over the past two weeks, involving over HK$15 million. Even people who work at an exchange and handle funds can be fooled on the spot by a cloned group. The transfer confirmation process in social apps really needs a complete overhaul.

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