Crypto scammers have made dating apps their new attack site! Know more to not fall for them

Anonymity in identities, financial transactions, obscure market regulations, and a rallying cryptocurrency market- these are the components of a highly doubtful financial ecosystem, but nevertheless, the crypto market soared and is still soaring exponentially. The success of the crypto market cannot go unnoticed, but the other factor that is impossible to miss is the rise of fraudsters and scammers in the crypto market. Given that cryptocurrency is still in its wild west, with Bitcoin swinging extravagantly, taking down other altcoins along with it, the need and urge for investors to generate profits is now more than ever. This gives the perfect opportunity for crypto scammers to highlight their scheming offers and policies, promising crypto investors loads of profits within a short period of time. But unaware of the circumstances, even the most experienced and professional investors in the market have fallen into those traps losing millions of dollars. 

Now, crypto scammers have found a new source to generate scams and steal profits from investors- dating apps. It might sound strange, but this is true. Some crypto enthusiasts are calling this phenomenon romance scams- the term for online scams that involve weighing on romantic interests to gain a victim's trust. These incidences have exponentially increased in the pandemic era, making crypto a useful entry point for criminals looking to part victims from their savings. 

According to reports, there have been about 56,000 romance scams, totaling up to US$139 million in losses, reported to the Federal Trade Commission in 2021. Experts believe that this particular form of scam originated in China before spreading to the United States and then other countries. 

How do These Scams Work?

These scammers tend to work through different dating sites and generally target older, less-tech savvy individuals, and also sometimes younger men and women available on dating apps like Tinder, Bumble, or any other dating site. They tend to make conversations about cryptocurrency and investing and instantly hit it off with individuals with a good sense of investing. Since crypto is a super hot topic in the financial and economic landscape. They sometimes also pose as a successful crypto broker or investor and offer the victims a guide to investing in high-gaining, low-risk investments. 

Cryptocurrencies are particularly useful for scammers due to the extreme privacy facilities. So lovers, beware of the fraudsters going after your hard-earned money while breaking your hearts at the same time!