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

XRP To Maintain Price Rally As Whales Reload Amidst Price Dip- Details

In the last week, the price of XRP increased by 35% as the general crypto market maintains a stellar performance stretching over the last two months Interestingly, recent developments in the XRP

This Ripple (XRP) Rival is Expected to Reach $10 in the Coming Weeks, Rising From Below $1

The post This Ripple (XRP) Rival is Expected to Reach $10 in the Coming Weeks, Rising From Below $1 appeared first on Coinpedia Fintech News Rexas Finance (RXS) is a rapidly emerging token that has

Is Altcoin Season Finally Here? Trader Predicts $8 Rally for $.125 Token Challenging Solana (SOL)

The post Is Altcoin Season Finally Here Trader Predicts $8 Rally for $125 Token Challenging Solana (SOL) appeared first on Coinpedia Fintech News At last, Altcoin season is here! The tide is changing

ADA Panic: SEC Lawsuit Hoax and Burn Scare Rock Cardano Community

False claims of an SEC lawsuit and ADA token burns from a hacked Cardano Foundation account sent shockwaves through the cryptocurrency community, sparking panic Fake SEC Lawsuit Targets Cardano

US vs. China: Trump’s Aide Predicts New Bitcoin Space Race

The rise of bitcoin as an international reserve asset might ignite a new space race David Bailey, a cryptocurrency policy aide of President-Elect Trump’s campaign, stated that this new

Bullish Power Surge or Fading Flame? XRP’s $2.60 Resistance in the Spotlight

XRP’s current trading performance reflects a tug-of-war between bullish momentum and short-term corrections, with its price resting at $256 XRP On the 1-hour chart, XRP experienced an intraday