FTC Issues Warning About Cryptocurrency Romance Scams

FTC Issues Warning About Cryptocurrency Romance Scams

The U.S. Federal Trade Commission (FTC) has warned consumers about the growing number of cryptocurrency-related romance scams. The agency issued a statement urging people to "cut off contact with online suitors who try to steer you toward cryptocurrency investments." The FTC has received over 500 reports of cryptocurrency romance scams since October 2021, with victims losing a total of over $13 million. In these scams, fraudsters typically create fake online profiles and use romantic language to gain the trust of their victims. Once they have established a connection, they will begin to pressure their victims to invest in cryptocurrency, often using high-pressure sales tactics to convince them to send money quickly. The FTC warns that cryptocurrency romance scams are often difficult to spot, as the fraudsters can be very convincing. They may use genuine-looking profile pictures and create detailed backstories to make themselves appear more trustworthy. They may also use sophisticated language to explain cryptocurrency investments, making it difficult for victims to understand the risks involved. If you are approached by someone online who you do not know and who is trying to convince you to invest in cryptocurrency, the FTC recommends that you: Be wary of anyone who pressures you to invest quickly. Do your own research on cryptocurrency investments before you make any decisions. * Never send money to someone you do not know online. If you believe that you have been the victim of a cryptocurrency romance scam, you can report it to the FTC at ReportFraud.ftc.gov.