The Federal Trade Commission (FTC) in the United States has issued a caution to consumers regarding romance scams that involve cryptocurrencies. The FTC has advised consumers to sever ties with online romantic interests who may be attempting to steal their money by luring them into crypto investments.
These scammers use a patient approach, taking the time to establish relationships with their victims before carrying out their fraudulent schemes. Despite the fact that people typically do not suspect their romantic partners of scamming them, romance scammers are skilled at creating emotional bonds with their victims, making it easier for the victims to trust their claims of being cryptocurrency experts.
The FTC emphasized that these scammers are highly skilled at what they do and have already swindled millions of dollars from unsuspecting individuals. The agency highlighted warning signs that may indicate a love interest is actually a scammer, such as promising high returns, guaranteeing no risks, offering to share investment secrets, and persuading victims to send money.
Consumers were reminded by the FTC that no one can guarantee profits in any investment and that all investments carry risks, including those in the cryptocurrency markets. The agency urged individuals to report potential crypto romance scammers to both the FTC and the social platform where the scam occurred. Additionally, the FTC encouraged people to alert their friends and family about these scams if they come across them.
In Canada, crypto scammers are actively targeting individuals on dating apps and social media platforms, particularly during the summer months. The Canadian Anti-Fraud Centre (CAFC) noticed a rise in romance and investment scams on May 29, prompting a joint warning from the Canadian Investment Regulatory Organization (CIRO) and the CAFC about the dangers of engaging in extended online communications with strangers discussing crypto trading and investments.
The authorities in Canada cautioned citizens to be wary of individuals who propose investment opportunities involving crypto assets over time. It is important for the public to remain vigilant and report any suspicious activity to the relevant authorities.
On a related note, the influence of crypto enthusiasts on the upcoming 2024 election is already evident and expected to continue growing.