The US Federal Trade Commission (FTC) has issued a warning to love seekers about crypto romance scams, where someone you meet online pretends to be a romantic interest but aims to steal your money through crypto investments. Online relationships that pivot to crypto investment advice should raise red flags, as these so-called suitors are often fraudsters.
Scam Tactics and Red Flags
Scammers typically reach out through social media, acting friendly and establishing an emotional connection to appear genuine. They then pose as investment experts, offering to help you make money in crypto and may guarantee high returns while downplaying risks. The next step is to pressure you to send money quickly through untraceable methods like gift cards, money transfer apps, or crypto.
Warning Signs and Prevention
The FTC advises that if someone you meet online says they want to help you invest in cryptocurrency, it’s likely an investment scam. These scammers excel at creating emotional bonds, making their financial deception convincing. Victims have reported losses ranging from thousands to millions of dollars. If you suspect a scam, immediately disconnect from the scammer and report them to the authorities.
Reporting Scams
If you think someone you met on social media is a scammer, cut off contact, inform the social media platform, and report to the FTC at reportfraud.ftc.gov.
