The Federal Trade Commission (FTC) in the United States has issued a warning to consumers regarding romance scams that involve cryptocurrencies. The FTC has advised consumers to sever ties with online love interests who may be attempting to steal their money by luring them into crypto investments.
These scammers utilize a patient approach, taking the time to cultivate relationships with their victims before carrying out their fraudulent activities. Despite the fact that individuals usually do not suspect their love interests of being scammers, romance scammers establish emotional connections with their victims, making it easier for them to believe the scammers’ claims of being experts in cryptocurrencies.
The FTC emphasized that these scammers are highly skilled at what they do and have already managed to defraud unsuspecting victims of millions of dollars. The FTC also outlined warning signs to look out for, such as promises of high profits, guarantees of no risk, claims of teaching investment secrets, and requests for money.
Consumers were reminded by the FTC that no one can guarantee profits in investments and that all investments carry risks, including those in the crypto markets. The FTC encouraged individuals to report any potential crypto romance scammers to both the FTC and the social platform where the scam was initiated. Furthermore, the FTC advised individuals who come across scammers to alert their loved ones about the scam.
Meanwhile, in Canada, the Canadian Anti-Fraud Centre (CAFC) has observed a rise in romance and investment scams involving crypto assets on social media, dating apps, and text messages. The Canadian Investment Regulatory Organization (CIRO) and the CAFC issued a joint warning urging Canadians to be cautious of individuals discussing crypto trading and investments, as scammers may eventually propose investment opportunities involving crypto assets.
As the threat of crypto romance scams continues to grow, it is crucial for individuals to remain vigilant and report any suspicious activity to the authorities.