Valentine’s Heartbreak: FBI Warns Of Crypto Romance Scams Ahead Of Hearts’ Day

Share This Post

Valentine’s Day is a significant day for many people worldwide.

In the run-up to “heart’s day,” many will take on the role of Mr. Cupid – the chubby winged angel – except his arrows of love will not only break your heart, but also your wallet.

The Federal Bureau of Investigation is warning against scams that will leave you not only with a bleeding heart, but also with financial devastation.

Just days before Valentine’s Day, the FBI’s San Francisco field office issued a warning to the public about an increase in romance scams based on complaints filed with the agency’s Internet Crime Complaint Center.

A romance scam entails the creation of phony accounts and duping unsuspecting investors – both men and women – into transferring funds under the pretense of emotional intimacy.

There have been reports of romance scams in every county within the San Francisco FBI division’s jurisdiction.

Santa Clara, San Francisco, and Alameda counties had the highest dollar amounts stolen.

Valentine’s Day Tragedy: Falling Into The Trap

 

Total crypto market cap at $1.864 trillion in the daily chart | Source: TradingView.com

Related Reading | Binance CEO Changpeng Zhao Warns Users Of SMS Phishing Scam

Last year, reports of romance scams increased across all age groups. According to the U.S. Federal Trade Commission, the increase was most noticeable among people aged 18 to 29.

Between 2017 and 2021, the number of reports for this age group increased more than tenfold.

However, the median loss reported by individuals increased with age: those aged 70 and older reported median losses of $9,000, compared to $750 for those aged 18 to 29, the FTC said.

Recently, romance scammers have been convincing people to send money in order to invest in or trade cryptocurrency.

Romance fraud occurs when a criminal creates a fictitious online identity in order to win a victim’s affection and trust.

These con artists are experts at disguising themselves. They create bogus online profiles using attractive stock photos from the internet.

The scammer then manipulates and/or steals from the victim by creating the illusion of a romantic or close relationship.

The FTC Report: Crypto Partly To Blame For Scam

According to reports to the FTC, online dating provides one of the best opportunities for scammers.

Love is in high demand among scammers as well, and that’s a very serious problem.

The report, released Thursday ahead of Valentine’s Day, notes that cryptocurrency is at least partly to blame for the rise of this particular kind of online trust scam.

People have reported losing an astounding $1.3 billion to romance scams over the last five years, more than any other type of FTC fraud.

The numbers have risen dramatically in recent years, and 2021 was no exception – reported losses totaled a whopping $547 million.

These unscrupulous personalities concoct a variety of plausible stories in order to dupe people, but their tried-and-true narrative involves repeated pleas for assistance while claiming one health or financial emergency after another.

Therefore, exercise caution when it comes to romance. You never know when or how it will strike.

Related Reading | Propelled By Rug Pulls, Crypto Scams Rise 81% In 2021

Featured image from Niagara Now, chart from TradingView.com
Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto Market Hit Hard With $1.7 Billion Liquidated, Largest Event Since 2021

The broader crypto market experienced a major crash on December 9 While the Bitcoin price dropped from $101,109 to as low as $94,150, marking a -7% decline, the altcoin market suffered significantly

Google’s Willow quantum chip brings Bitcoin security debate 10 years closer

Google has unveiled its latest innovation, the Willow quantum computing chip, stirring discussions within the crypto community about its potential impact on Bitcoin’s cryptographic security On

Cultcoin Soars to $845M FDV, Backed by Milady NFT Community

The post Cultcoin Soars to $845M FDV, Backed by Milady NFT Community appeared first on Coinpedia Fintech News The crypto market took a major hit, losing $267 billion and dropping below $349 trillion

Lightchain AI vs. Ethereum and Solana: The Revolutionary Blockchain Poised to Redefine the Crypto Market This December

The post Lightchain AI vs Ethereum and Solana: The Revolutionary Blockchain Poised to Redefine the Crypto Market This December appeared first on Coinpedia Fintech News As the crypto market continues

Brazilian Central Bank May Withdraw Provisions Banning Stablecoin Self-Custody

The Central Bank of Brazil acknowledged that a proposal making self-custody of stablecoins illegal in the country might be withdrawn if certain conditions are met In a public hearing, the deputy head

Bitcoin holds steady near $100,000 as selling pressure is absorbed

Bitcoin’s price action over the past week has been remarkable, marked by its milestone climb past $100,000 While this monumental level was short-lived, with BTC quickly correcting to around