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

Dogecoin Defies Crypto Market Crash: Analyst Says It Looks ‘Incredible’

The crypto market has seen the largest leverage flush out since April 2021 yesterday, December 9, as reported earlier today Amidst the market shakeout, Dogecoin (DOGE) is one of the altcoins which is

Bitcoin poised for ‘golden age’ in 2025 with $200k milestone projection – Bitwise

The crypto market is poised for a transformative year in 2025, with Bitcoin (BTC) projected to break $200,000, according to a recent Bitwise report The report — titled The Year Ahead: 10 Crypto

New Investors Driving Bitcoin Demand – Metrics Reveal Institutional Adoption

Since breaking it last week, Bitcoin is grappling with the $100,000 milestone, struggling to stay above this critical level Despite the price facing resistance, Bitcoin continues to show strength,

Binance Ranks as the Most Visited Crypto Site and 6th in Financial Services: Cloudflare Report

According to Cloudflare’s 2024 web traffic report, Binance is the most visited cryptocurrency platform Binance Attracted the Most Web Visits in Crypto for 2024 Binance solidified its position

Microsoft Shareholders Reject Bitcoin Investment Proposal In Preliminary Vote

Microsoft, the world’s largest software company, has rejected the proposal to evaluate the potential benefits of adding Bitcoin (BTC) to its corporate balance sheet, despite meetings and

Goldman Sachs eyeing crypto market-making for Bitcoin, Ethereum if US regulations shift

 Goldman Sachs CEO David Solomon said the firm might explore becoming a spot market maker spot market for Bitcoin (BTC) and Ethereum (ETH) if the regulatory environment in the US undergoes