The Federal Bureau of Investigation (FBI) has issued a warning to unsuspecting singles looking for love, calling on them to be wary of romance-themed scams that use cryptocurrencies.
In a recent press release, the San Francisco FBI says the number of romance-themed scams has increased in the city area. This notice came just days before Valentine’s Day.
According to the most recent data on the subject, in 2021, more than $64 million was lost in romance-related scams within the FBI’s San Francisco Division territory. This figure is nearly double that of 2020, when losses were estimated at $35 million.
The rise of crypto scams related to love life
“Love” scams seem to be a growing trend in popularity for scammers. The most affected age group would be the 60+ age group. This could be related to loneliness, loss of a loved one and lack of security controls when dealing with fake suitors.
This type of scam has recently hit the cryptocurrency industry. According to their new modus operandi, scammers thus persuade individuals to send money for investment projects.
These projects then generate a profit that the victims can withdraw. Then, the scammers entice the victim to deposit more money into the system, which generates more profit. However, when it comes time to withdraw the funds, there is usually a withdrawal fee or tax to access the funds. Once the victim pays this fee, the scammers disappear with the funds.
This type of elaborate fraud is based on the premise of finding true love and joining forces with someone in the world. With Love and Friendship Day fast approaching, scammers who target romance may find their job easier.