7/31/2023 0 Comments Gift voucher gold miner vegas game![]() While cryptocurrency losses were the most costly, it was not the most common payment method for romance scams. In 2021, the median individual reported loss using cryptocurrency was a staggering $9,770. That’s a remarkable growth in cryptocurrency payments to romance scammers: 2021 numbers are nearly five times those reported in 2020, and more than 25 times those reported in 2019. In fact, the largest reported losses to romance scams were paid in cryptocurrency: $139 million last year alone. And when people follow this investment “advice,” they wind up losing all the money they “invest.” These so-called investment opportunities often involve foreign exchange (forex) trading or cryptocurrency. People are led to believe their new online companion is a successful investor who, before long, casually offers investment advice. Still others report sending money based on promises – later proven to be false – that they would be repaid.Ī growing trend in 2021 was scammers using romance as a hook to lure people into bogus investments, especially cryptocurrency. Others say they deposited a check from their sweetie and sent some of the money as instructed, only to find out later that the check was fake – leaving them without the money they sent. People have reported paying all sorts of bogus fees to accept money that never turns up. These stories are also used to trick people into sending their own money. Stories like this often set people up to become “money mules” – they may think they’re just helping, but they’re really laundering stolen funds. The scammer often claims to need help getting their inheritance money or moving funds for an important business deal. In another common twist on the romance scam, people agree to help transfer money as a favor to their supposed sweetheart. People who lost money to a romance scammer often report sending money repeatedly: they believe they’re helping someone they care about. The scammers’ stories might involve a sick child or a temporary inability to get to their money for a whole range of reasons. Romance scammers weave all sorts of believable stories to con people, but their old standby involves pleas for help while claiming one financial or health crisis after another. More than a third of people who said they lost money to an online romance scam in 2021 said it began on Facebook or Instagram. Reports of unexpected private messages on social media platforms are common. But you don’t have to be looking for love to be courted by a romance scammer. Many people who’ve experienced scams report being contacted on dating apps. For example, many reportedly claim to be serving overseas in the military or working on an offshore oil rig. And the details they share about themselves will always include built-in excuses for not meeting in person. They may study information people share online and then pretend to have common interests. ![]() Sometimes they even assume the identities of real people. They create fake online profiles with attractive photos swiped from the web. Reports show that romance scammers are masters of disguise. About the FTC Show/hide About the FTC menu items. ![]() ![]() News and Events Show/hide News and Events menu items.Advice and Guidance Show/hide Advice and Guidance menu items.Competition and Consumer Protection Guidance Documents.Enforcement Show/hide Enforcement menu items. ![]()
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