Crypto Romance Scams: The Love Nobody Asked For

People looking for love may think the internet is a wonderful place to start. Romance scammers, on the other hand, fool people with well-planned ways. They give love that nobody would ask for. Avoid crypto romance scams by familiarising their strategy and learning the tips experts say about it.

Do you know that 2021 was a record-breaking year for bitcoin crime? Scammers stole 14 billion dollars worth of cryptocurrency from victims last year, according to research quoted by CNBC. Theft and frauds are the most common crimes, up 79 percent from the previous high in 2020. Now, crypto scammers are turning to date apps as a new source of revenue.

Last year, romance fraudsters made off with $547 million in bitcoin, according to a new report from the Federal Trade Commission. That’s over six times the losses reported in 2017 and a spike of nearly 80% from 2020. Crooks begin by establishing a trust to control the target effortlessly. They aim to take your heart first, then your money.

They persuade you to invest in cryptocurrencies in exchange for unbelievable returns and then fool you into sending money to fake accounts. Unfortunately, because these phoney trading apps appear authentic, many individuals fall for them. It can get so bad that you may reach the point where you lose all of your life savings.

That is why experts always remind traders, especially beginners, to watch out for these fake crypto platforms. Ensure you’re dealing with reputable cryptocurrency exchanges, brokers, and other platforms. There are numerous top exchanges on the market now, which you can verify by reading reviews on trusted websites like Forbes, Coindesk, and others. And when looking for crypto brokers, it is safe to connect with them using trader-broker linking platforms such as BitiQ to ensure that you are only connecting with reputable and regulated crypto brokers. It will not harm you to spend some time researching the reliability of the platform you intend to use. What hurts most is to lose money from engaging with bogus ones.

And you do not even have to go to dating apps to be prone to romance scammers. Some victims report that they received random private messages on social media platforms. In 2021, more than a third of those who said they lost money to an online romance scam said it started on Facebook or Instagram, said FTC. Even if you do not look for love, the love will look for you. But unfortunately, it is the love that you will never ask for.

Scams like this aren’t limited to a single dating app or geographical location. Experts believe this scam began in China and then expanded to other nations such as the United States and India. Hackers are targeting users of dating apps like hinge, tinder, bumble, and grinder.

And now comes the vital question: how can you protect yourself from such frauds and stay safe?

It’s a red flag if someone you met on a dating app refuses to meet you or participate in a video call.

Do not disregard it. Ask why won’t they agree to a video call? Are they hiding something? It is a sign that their intention is not pure. They, of course, do not want to show their face because they conceal their identity. After getting what they need for their victims, they vanish. And the poor lovers will then look for them but to no avail. They leave no trace.

Be cautious of the crypto trading program you use to invest.

Install the software from an official app store and perform your research to determine its legitimacy. We have already mentioned this, but it is worth reiterating. It’s because dealing with these modus apps is like putting oneself in a shark tank.

Never give anyone online your banking information, copies of your ID, or any other valuable data.

Online investments that promise large profits quickly are frequently too good to be true. Be careful. Always remember that whatever you put over the internet, assume that it will stay there forever. It is hard to control your data once you submit it on the internet, as it can go to several people, websites, organisations, and other places you will never know.

Finally, even if they appear to have your best interests at heart, do not take financial advice from anyone on dating apps.

Certain individuals can assist you with your financial concerns. They aren’t the ones you meet on dating apps.

Closing Thoughts

We cannot stop fraudsters from committing crimes, but we can control how we react to prevent falling into their traps. One must be mindful of the red flags. It is simple to avoid them if you are familiar with their methods and strategies. And, arguably, one of the best ways to stay away from these crypto romance con artists is to continue to love and protect yourself as you wait for true love.

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