The FTC has issued an urgent warning against the growing number of crypto love scams
The United States Federal Trade Commission (FTC) has issued a warning to consumers regarding love scams related to cryptocurrencies.
The FTC urges consumers to “dissociate” from online romantic interests who are trying to steal their money using crypto investing as bait.
The scammers use long-term strategies, taking the time to get to know their victims and build relationships before executing their plans.
What are love scams?
The FTC says that although people generally don't suspect they're interested in scamming them, romance scammers create emotional connections with their victims, making it easy for victims to believe they're scammers' cryptocurrency masters.
The government agency says these scammers are “good at what they do.”
However, the FTC has warned investors that these scammers have already taken millions of dollars from unsuspecting victims. The FTC wrote:
“They want to help you invest your money in the crypto markets, or they say they can teach you how to do it. You may think they have your financial security in mind, but they don't. They only care about their own financial security.
Additionally, the FTC has highlighted several warning signs that someone's love interest may be a scammer. These signs include promising large profits, guaranteeing no risk, teaching investment secrets, and persuading victims to send them money.
The FTC reminds consumers that no one can guarantee profits in any investment. The agency notes that all investments, including crypto markets, have risks.
The government agency asked consumers to report potential crypto dating scammers to the FTC and the social platform used by the scammer. The FTC also urges people who encounter scammers to warn friends and family about the scam.
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Crypto dating scams are on the rise in Canada
In Canada, crypto scammers lurk on dating apps, hoping to hit it off with Canadians in the summer. On May 29, the Canadian Anti-Fraud Center (CAFC) noted a rise in dating and investment scams on social media, dating apps and text messages.
The Canadian Investment Regulatory Commission and the CAFC have issued a joint warning against scams involving extended online communications. Officials have warned Canadians to be wary of people discussing crypto trading and investments.
“Over time, the fraudster often suggests investing in opportunities involving crypto assets,” the government warned.
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