Valentine’s Day Caution: Romance Scams in the Intersection of Love and Crypto
With Valentine’s Day approaching, scammers are taking advantage of people seeking love and romance. One example is a Minnesota man who lost a fortune after falling for a romance scam on LinkedIn. The scammer convinced him to invest in cryptocurrencies, only to demand a large fee to release the supposed profits. This case is just one of many documented by the Federal Trade Commission (FTC), which has seen a significant increase in romance scams and crypto-related fraud. Online dating platforms have made it easier for scammers to target vulnerable individuals, with approximately 70,000 people admitting to falling victim to romance scams in 2022 alone. These scammers often use cryptocurrency as their preferred method of payment due to its perceived anonymity. Many victims have lost billions of dollars and suffered broken hearts as a result. Scammers prey on people’s desires and create fake online identities to establish relationships before manipulating them into making bogus cryptocurrency investments. In addition to financial deceit, there has also been an alarming rise in sextortion, where scammers threaten to distribute private photos unless money is paid. Crypto payments have become the preferred method for these criminals. To defend against romance scams, it is important to be cautious of anyone requesting crypto transactions or asking for money. Consulting with trusted friends or family members can provide an objective perspective, and conducting reverse image searches can help uncover potential scams. It is crucial to maintain awareness and skepticism when pursuing love online to avoid becoming a victim of exploitation.
