Cryptocurrency Scams on Dating Apps: Warning Signs and Prevention

Dating apps have become a norm in modern dating, but they've also become a breeding ground for scammers. Scammers use these platforms to target unsuspecting victims, often with promises of easy money or investments.

Dating app scammers often use cryptocurrency as a lure, claiming it's a lucrative investment opportunity. In reality, they're just trying to get their hands on your money.

One common tactic is to create a fake profile, often with a fake identity or a stolen photo. They'll then try to build a connection with you, gaining your trust before making their move.

Be cautious of anyone who asks for money or investments, especially if they're pushing a specific cryptocurrency.

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Be cautious of scammers who claim to be investment experts with access to exclusive cryptocurrency deals.

Scammers often use fake profiles and photos to build trust with potential victims, but a quick reverse image search can reveal their true identity.

Unrealistic returns or guaranteed investments are a huge red flag, as legitimate cryptocurrency investments always come with risk.

If a person asks for your personal or financial information, it's likely a scam.

Scammers often use high-pressure tactics to get you to invest quickly, but a legitimate investment opportunity will give you time to think it over.

Scammers may also use fake websites or apps to steal your cryptocurrency, so be sure to verify the authenticity of any investment platform.

Legitimate investment opportunities will always provide clear and transparent information about the investment, including the risks involved.

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Pig butchering scams are a type of cryptocurrency scam that involves building a trusting relationship with the victim before stealing their funds. They often begin with the scammer introducing the victim to a lucrative cryptocurrency investment opportunity.

These scams can be highly sophisticated, involving fake websites, fake testimonials, and even fabricated customer service representatives to maintain the illusion of legitimacy. The goal is to slowly fatten up the victim emotionally and financially before making the final move.

Social media and dating apps are common platforms where these scams take place, with the scammer using these channels to build trust with the victim.

Scammers are experts at creating a false sense of urgency, so don't let them rush you to make a decision. Be wary of sending money, bank account information, personal photos, or other sensitive personal information to someone you've never met in person.

If you're communicating with someone online, be suspicious of unsolicited phone calls and text messages. Don't answer calls or texts from any unknown numbers, and never give out personal information over the phone or text.

Creating a false sense of urgency is a fundamental tactic of social engineering. Scammers will often push to move the conversation off the dating or social platform, so keep it on the platform and be cautious of requests to text or email.

If the individual seems too good to be true, listen to your gut and talk to someone you trust about it. Be skeptical of unsolicited communications, especially those claiming to be from cryptocurrency exchanges or wallet providers.

Here are some red flags to watch out for:

Romance scams are a type of confidence scheme that exploit human nature to gain trust.

Almost 70,000 people reported being victims of romance scams in 2022, according to the Federal Trade Commission (FTC).

These scams are constantly evolving and becoming more innovative, targeting people of all ages.

Older Americans may be particularly vulnerable, as they typically have more assets and are less familiar with online scams.

In 2022, older adults reportedly lost nearly $240 million to romance scams, according to the FTC's Protecting Older Consumers Report.

The core tactic used by romance scammers is social engineering – manipulating and influencing people to gain their trust.

Cryptocurrency romance scams are a specific type of online scheme where scammers forge romantic relationships to trick people into handing over crypto assets.

In these scams, conversations may begin on social media platforms or dating apps, and the scammer will use a manufactured romantic bond to guilt their target into sending cryptocurrency.

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The scammer may ask for a few hundred to thousands of dollars' worth of crypto, and once they've received payment, they may continue the charade of a relationship to attempt to weasel more money.

Cryptocurrency is famously untraceable, meaning that once it hits someone else's crypto wallet, there's no way to get it back or ascertain the real identity of the account holder.

In a 14-month span, cryptocurrency romance scams accounted for $185 million in crypto losses, according to filed reports.

Phishing attacks are a common tactic used by scammers to trick users into disclosing sensitive information. They often impersonate trusted entities, such as exchanges or wallets.

These scams can take many forms, including fake websites that mimic legitimate platforms. In some cases, scammers even use online advertising platforms to target specific groups, like cryptocurrency enthusiasts.

Users should be cautious of suspicious emails, text messages, and online ads that ask for sensitive information.

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Phishing attacks are a common tactic used by scammers to trick users into revealing sensitive information.

Phishing attacks often involve cybercriminals impersonating trusted entities, such as exchanges or wallets.

These scams can take many forms, including emails, text messages, and fake websites that mimic legitimate platforms.

Phishing attacks can be incredibly convincing, making it essential to be cautious when clicking on links or providing personal info online.

A recent phishing scam exploited online advertising platforms, targeting cryptocurrency enthusiasts, particularly those involved in NFTs.

In this case, users were redirected to fraudulent websites designed to steal wallet credentials.

Scammers are getting creative with their payment demands, and it's essential to know what to watch out for. In 2022, 60% of all payments sent to romance scammers were via cryptocurrency or bank wires.

They prefer these methods because they offer some level of anonymity, making it harder to track the transactions. Once funds are sent, the transaction can't be reversed, which is a huge red flag.

Gift cards are another way scammers get paid, with 7% of all payments going through this method. Payment apps are also used, but to a much lesser extent, with only 3% of payments going through this channel.

These payment methods are often chosen because they allow scammers to receive money without revealing their identities.

Pig butchering scams have gained notoriety in recent years, particularly among individuals new to cryptocurrency or the elderly.

These scams typically begin with the fraudster building a trusting relationship with the victim, often via social media or dating apps. The scammer will then introduce the victim to a lucrative cryptocurrency investment opportunity, convincing them to invest large sums of money into a fake scheme. The name "pig butchering" refers to the process of slowly fattening up the victim emotionally and financially before ultimately stealing their funds.

Almost 70,000 people reported being a victim of a romance scam in 2022, according to the Federal Trade Commission.

Romance scams are a type of confidence scheme where scammers work to gain a victim's trust and then provide false information or misrepresentation to gain a financial benefit. These schemes are constantly evolving and becoming more innovative.

In 2022, 60% of all payments sent to romance scammers were via cryptocurrency or bank wires.

Scammers typically prefer these methods as they offer some level of anonymity and once funds are sent by the victim, the transaction can't be reversed.

HSI partners with various U.S. agencies to combat TCOs involved in romance scams.

The U.S. Secret Service, U.S. Customs and Border Protection, and other agencies join forces with HSI to disrupt and dismantle TCOs.

HSI identifies and seizes assets derived from romance scams, disrupting criminal enterprises and taking away their profits.

When possible, HSI returns funds to victims in restitution, often in conjunction with the U.S. Attorney's Office and foreign governments.

TCOs are often engaged in multiple types of illicit financial crimes beyond romance scams.

HSI works to spread awareness of deceptive employment ads and online fraud scams, providing critical resources to investigations and criminal prosecutions.

The Victim Assistance Program helps victims who have escaped from "fraud dens" and identifies perpetrators to shut down TCOs.

Here are some of the agencies HSI partners with to combat TCOs: