Americans lost $185 million on crypto romance scams in just 15 months, indicating that the rate of forgery in dating apps has risen. Since the inception of the digital currency market, scammers have poured evil spells on it from time to time. With crypto gaining prominence lately, scammers have found a way to extract billions from users. Amongst a wide array of forgery, fraud in dating apps tops the list.
Scammers primarily target the younger generation as they get easily lured. If you go as per the FTC’s statistics, you will find that those who belonged to the age group 20-49 became an easy target to the crypto scammer compared to the older age groups. Reports reveal users, on average, lose about $10,000 in such scams.
How do scammers target people on dating apps?
As it’s commonly said, the world is online, and so are the notorious fraudsters. Online dating sites have millions of users who wish to make good connections on such sites. However, most of them end up being trapped in crypto scam bait.
Scammers use social media or any popular dating site to approach potential victims, often pretending to be attractive business professionals. Once they gain your trust, they encourage you to invest in crypto and allure you with stories of successful crypto investors, leading you to fall for their scheme. In most cases, victims receive a website link asking them to invest an amount in exchange for a certain percentage.
How to detect a crypto romance scam?
Watch out for some warning signs because a bit of vigilance can save your hard-earned capital from the fraudsters. Initially, it will be difficult to spot because the scammers will start a normal conversation, as generally happens in a dating platform. Well, bait is set after they gain an individual’s trust.
If you find a person you met on a dating app who suddenly started talking about crypto and encouraging you to join any website, take it as a red signal. These scammers are witty enough to conduct thorough research on a person and try targeting a common link like an alma meter so that the victim agrees on a conversation. Mostly, they form an emotional bond over a given point in time so that an individual decides to invest money in any fake financial scheme without questioning.
Suppose you find the person you have revealed all your secrets to is not ready to share any details about them. In that case, it’s suggested to report the profile. Any communication involving financial investment schemes or crypto websites should be viewed as a signal for a scam; therefore, do not respond to such correspondence.
What are the preventive measures to avoid scams?
Romance scams are becoming rampant over time; hence, necessary steps must be taken by those who interact with unknown people on social media or dating platforms. Here are some tips one needs to follow to avoid falling prey to dating app scams.
- Never share personal information like address, ID numbers and financial details with strangers.
- If you are asked to join any crypto website on any dating app, either block that person or report the profile.
- It’s suggested not to completely trust any dating website as scammers use such sites to extract money.
- You should not take any stranger’s help in creating a crypto account.
- Financial transactions online should be avoided when you are unaware of the recipient’s identity.
Be diligent in understanding the difference between a relationship and bait on any online dating platform. Conversations that lead to opening a crypto account or any financial investment should be treated as a red signal. Awareness from your side can help you avoid such crypto scams.