Cryptocurrency scams on dating apps often start with a fraudster building a romantic connection to gain the victim's trust.
In 2021, $139 million in cryptocurrency losses were reported due to romance scams, a rise from $30 million in 2018.
Scammers tend to target vulnerable individuals, such as those new to online dating or the elderly.
Fraudsters often use flattery and feign investment opportunities to manipulate victims into investing in bogus cryptocurrencies.
Tinder, Bumble, and Facebook are popular platforms for cryptocurrency scams on dating apps.
Unsolicited investment advice or pressure to invest immediately are common tactics used by scammers.
Cryptocurrency romance scams accounted for 60% of crypto losses in 2022, with an average loss of $4,400 per person.
Scammers may claim to have inside information on lucrative crypto deals or use fake investment websites to appear legitimate.
Victims of cryptocurrency scams can report the crime to the FBI's Internet Crime Complaint Center (IC3).
Due to underreporting, the exact number of cryptocurrency romance scam victims is unknown, but nearly 70,000 people reported romance scams to the Federal Trade Commission (FTC) in 2022.
Scammers may use stolen or fake identities and photos on their dating app profiles to deceive victims.
The psychological manipulation used in cryptocurrency scams on dating apps can lead to significant emotional distress for victims.
Educating oneself on common cryptocurrency scams and warning signs can help protect against falling victim to these schemes.
Using two-factor authentication and strong, unique passwords for dating app accounts can provide an additional layer of security.
Be cautious of partners who refuse to meet in person or videocall, as this could be a red flag for a scam.
Reporting suspicious profiles or activities on dating apps can help protect other users from potential scams.
Cryptocurrency scams on dating apps often involve the scammer using manipulative language and emotional appeals to persuade victims.
Implementing security measures, such as using a virtual private network (VPN) and regularly updating software, can further protect against cryptocurrency scams on dating apps.