The crypto market is known for scams, and Valentine’s week isn’t any different. The FBI recently warned about the increasing number of cryptocurrency romance scams occurring this week. In 2021, people lost $64 million on romance scams in the San Francisco area only. In 2020, this number was $30 million.
The Latest Trend Involves Crypto
A romance scam involves creating a fake account and convincing others to transfer funds, all under the idea of being romantic.
What’s more, scammers are now convincing people to send cryptocurrency to invest and trade with it.
The usual romance scams start by sending people over to a fraudulent platform and talking about investment opportunities. The scammers may even allow the victim to gain some initial return on investment, but only to prove credibility.
Eventually, the victims give more and more money. Ultimately, the victim wants to withdraw funds again, but the scammer claims that can’t be done. They usually say there are higher fees to pay or that the amount is too low to withdraw.
Finally, the scammers stop responding after the victim refuses to send more funds. The FBI recommends that victims report the scams, contact their banks, and not consider investment advice based on online interactions.
The FBI further warns that people should know more about cybersecurity and be careful with individuals who claim to provide exclusive investment opportunities.