The FTC urged users to alert their loved ones about the fraud and report the scammers to authorities.
The United States Federal Trade Commission (FTC) has warned consumers against romantic scams involving cryptocurrency.
Customers should cut ties with their virtual lovers: because of potential financial theft by using crypto investments as a lure, the FTC recommended taking this step.
Scammers employ long-term techniques. They spend the time getting to know their victims. They establish contacts before carrying out their strategies.
Romance Scams: What Are They?
According to the FTC, most people don’t realize their lover is a scammer. Romance scammers build an emotional connection with their victims. This makes it easier for victims to accept the scammers’ claims that they are experts in cryptocurrency.
According to the federal agency, these thugs are “experts at what they do.”
However, the FTC cautions investors that these fraudsters have already stolen millions of dollars from naïve people. The FTC wrote:
““They look for to help you contribute in cryptocurrency or educate you how to do so. You might think they have your monetary well-being in intellect, but they do not. They as it were care around their claim monetary well-being.”.”
The FTC has identified various warning indications that show a person’s lover may be a cheater. The signs may offer large returns. They may also guarantee zero risk. Claims may be made to teach the secrets of investing. You may be energized to send money.
The Federal Trade Commission stressed to investors that no one can ensure financial success. The organization said that there are risks associated with all investments, including cryptocurrency markets.
The government body urges customers to report potential cryptocurrency romance scammers to the Federal Trade Commission (FTC) and the social media platforms used by the scammers. In addition, the FTC advised consumers who met scammers to inform their friends and family about the scam.
Crypto-romance scams are on the rise in Canada
In Canada, crypto scammers lurk on dating apps, expecting to hook up with Canadians throughout the summer. On May 29, the Canadian Anti-Fraud Centre (CAFC) reported an increase in romance and investment scams via social media, dating apps, and text messaging.
CAFC and the Canadian Venture Administrative Organization (CIRO) cautioned around tricks utilizing long online discussions. The Canadian government warned against individuals who talk about investing and cryptocurrency trading.
Officials issued a warning, saying the fraudster will eventually recommend investing in an opportunity that often involves crypto assets.
