The United States Federal Trade Commission (FTC) has issued a warning to consumers regarding…
The United States Federal Trade Commission (FTC) has issued a warning to consumers regarding romance scams involving cryptocurrencies.
The Federal Trade Commission has urged consumers to “cut off all contact” with online lovers who may try to steal their money by using cryptocurrency investing as bait.
These scammers use long-term tactics, taking the time to get to know their victims and build relationships before carrying out their schemes.
What are romance scams?
The FTC said that while people typically don’t suspect a romantic interest in scamming them, romance scammers create emotional bonds with their victims, making it easier for victims to believe scammers’ claims that they are cryptocurrency experts.
The government agency noted that these scammers are “good at what they do.”
However, the Federal Trade Commission has warned investors that these scammers have already stolen millions of dollars from unsuspecting victims. The Federal Trade Commission wrote:
“They want to help you invest your money in cryptocurrency markets, or say they can teach you how to do it. You might think they have your financial well-being in mind, but that’s not the case. They only care about their financial well-being.
Additionally, the FTC has highlighted several warning signs that a person’s romantic interest may be a scam. These signs include promising big profits, guaranteeing no risks, claiming they will teach them investment secrets and convince them to send money.
The Federal Trade Commission has reminded consumers that no one can guarantee the benefits of any investment. Furthermore, the agency said that all investments carry risks, and this includes cryptocurrency markets.
The government agency asked consumers to report potential cryptocurrency fraudsters to the Federal Trade Commission (FTC) and the social platform used by the scammer. Additionally, the FTC also urged those who encounter scammers to warn their friends and family about the scam.
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Crypto romance scams are on the rise in Canada
In Canada, cryptocurrency scammers are lurking on dating apps, hoping to connect with Canadians this summer. On May 29, the Canadian Anti-Fraud Center (CAFC) noted an increase in romance and financial scams on social media, dating apps and text messages.
The Canadian Investment Regulatory Organization (OCRI) and the CAFC have issued a joint warning regarding scams involving prolonged online communications. Authorities have warned Canadians against people discussing trading and investing in cryptocurrencies.
“Over time, the scammer will offer to invest in an opportunity, often involving crypto assets,” the government warned.
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