Crypto Romance Scams Increase, FTC Gives Warning

In the last few years, cases of scams related to the crypto segment have increased. These also include romance scams targeting the crypto community. The Federal Trade Commission (FTC) in the US has warned of an increase in such scams. The FTC has said that you should avoid people who trap you in the trap of online romance and ask you to invest money in investments, especially cryptocurrency.

The FTC has reminded that investments in crypto cannot guarantee a fixed profit. An alert has also been issued regarding the increase in crypto romance scams. In such scams, fraudsters find their victims through dating apps and pretend to romance them. These scammers ask their victims to invest in fake crypto assets by luring them with high returns. They disappear after receiving the money. FTC In a post on his blog, he wrote, “Nobody expects that a person they meet online will scam them but scammers are experts in their work. They create an emotional connection with you which makes you think that they are experts in investing in cryptocurrency. However, they are scammers. People have lost huge amounts of money in such cases.”

With crypto scams on the rise, the FTC has cautioned users to be cautious about promises of risk-free investments. One should not trust unknown people who teach ways to invest in cryptocurrencies. The FTC’s blog says, “If you think someone you’ve met on social media is a scammer, disconnect from them. Report it to the social media platform and the FTC.”

This is not the first time that warnings have been issued about crypto-related romance scams. In February this year, a 37-year-old Indian woman in Philadelphia, US, lost nearly $450,000 in a crypto-related romance scam. Last year, people lost more than $40 million in romance betting scams in Australia.