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

Behind Bitcoin ‘Flash Crash’ To $88,000 – On-Chain Lessons Learned

The past week has been an eventful seven-day span for the Bitcoin price action and the general cryptocurrency market From the flagship cryptocurrency achieving a six-figure valuation to “flash

Bitcoin Traders Retain High Leverage Amidst Decline In Funding Rates – Details

After hitting the $100,000 milestone, Bitcoin suffered a sudden price crash on Friday resulting in an estimated price loss of 7% During this decline, the asset’s perpetual funding rates in the

China’s Central Bank Expands Gold Reserves In November After 6-Month Pause

The post China’s Central Bank Expands Gold Reserves In November After 6-Month Pause appeared first on Coinpedia Fintech News Lately, the flagship cryptocurrency has been gaining widespread

Dogecoin (DOGE) Breakout Alert! Bulls Eye 30% Rally

The post Dogecoin (DOGE) Breakout Alert! Bulls Eye 30% Rally appeared first on Coinpedia Fintech News Dogecoin (DOGE), the popular and the world’s largest crypto-meme coin is poised to soar again

Institutional Investors Pour $376M Into Bitcoin ETFs; Ether Funds See $83M Boost

On Friday, US spot bitcoin exchange-traded funds (ETFs) amassed inflows of $37659 million, while spot ether funds raked in $8376 million Crypto ETFs Continue to Shine Throughout the week, the 12 spot

Chainlink Price Shines With 40% Rally — Is $28.5 Possible?

Over the past week, the cryptocurrency market was not particularly on that impressive streak many investors may have now become accustomed to However, the large-cap altcoins seem to have woken from