FTC issues urgent warning over rising crypto romance scams

On top of all the scam and fraudulent tactics that hackers and crypto thieves have been using over the years, the United States Federal Trade Commission (FTC) issued a consumer warning about romance scams involving cryptocurrencies. With the rise of cryptocurrency trading and a rise in the use of dating applications, the FTC is urging consumers to “cut off contact” with online love interests who may be trying to steal their funds by using crypto investing as bait. These scammers use the relationship and the time spent getting to know their victims and build relationships before executing their schemes. Ordinarily, a person would not suspect their love interest of scamming them and take the claim of them being crypto experts at face value. The FTC has warned investors that these scammers have already taken millions of dollars from victims.

The FTC stated, “They want to help you invest your money in the crypto markets, or they say they can teach you how to do it. You might think they have your financial well-being in mind, but they don’t. They only care about their own financial well-being.”

Canada saw a rise in romance scams to the point that the Canadian Anti-Fraud Centre noticed the surge on social media, dating apps, and text messages. The Canadian Investment Regulatory Organization issued a joint warning about the scams involving extended online communications. The authorities warned to beware of people who discuss crypto trading and investing.

We encourage you to always be on your guard when operating online, especially when you cannot confirm the identity and authenticity of the people you are in contact with. You are the best line of defense against malicious actors. Don’t forget to use your brain when making financial decisions, especially when romance is involved!

https://cointelegraph.com/news/ftc-warns-crypto-romance-scams