The Risks of Crypto Scams on Valentine’s Day
February 14 is known as a day of romance, but it also serves as a reminder that individuals searching for love can become victims of romance scams. With the online dating market predicted to reach $3.1 billion by 2024 and an estimated 440 million users of online dating services by 2027, the potential for falling prey to romantic scams, including crypto crimes, is increasing.
This Valentine’s Day, don’t let your quest for love blind you to the risks of romance scams.
Remember, real love doesn’t cost a thing. If an online love interest talks crypto investments or requests money, it’s a romance scam, no exceptions.
Protect your heart and wallet: pic.twitter.com/kUretOaSRW
— AARP Pennsylvania (@AARPPA) February 14, 2024
The Rising Frequency of Romance Scams
A study by Binance’s security team reveals that the frequency of romantic scams is increasing. Norton’s Cyber Safety Insights study found that 1 in 4 adults globally has fallen victim to an online romance or dating fraud. The US Federal Trade Commission received over 11,000 complaints about dating and romance scams in 2016, with an estimated 70,000 reports in 2022 resulting in $1.3 billion in losses for vulnerable individuals.
Protect your crypto at all costs.
In order to do this, it’s important to stay up-to-date on some of the most common scams and how to avoid them.
Find out how to identify romance scams here
— Binance (@binance) February 14, 2024
Crypto’s Role in Romance Scams
Surprisingly, 34% of losses in the romance scam industry are connected to cryptocurrency transactions. Binance reports that romance scams accounted for 2% of all reported fraud cases in 2023, with an average loss per victim of approximately $14,000. Tigran Gambaryan, Binance’s head of financial crime compliance and former U.S. IRS investigator, highlights the similarities between romance scammers and financial fraudsters.
Fall in love, don’t fall prey. If they seem too good to be true, they might be a scammer! Visit https://t.co/tbHI1ylamh for the #FBI‘s tips on spotting red flags and protecting yourself and your loved ones from romance scams. pic.twitter.com/xDJCvbhS20
— FBI (@FBI) February 7, 2024
The Tactics of Crypto Scammers
Romance scammers often use platforms like Tinder to meet their victims, employing various tactics to gain trust before requesting financial commitments or investments. Reports suggest that crypto scammers exploit trust by leveraging DeFi platforms, where victims unknowingly connect their wallets to malicious contracts.
Dating apps have become a favorite hunting ground for crypto romance scammers.
Over $3.5 billion was lost in the U.S. alone in 2023 to one type of crypto romance scam: pig-butchering!
Discover how and learn to protect yourself in our latest report https://t.co/QpNgpXNOpQ pic.twitter.com/cQ2PIDBCzV
— Nefture – DeFi Security Layer (@Nefture) February 13, 2024
Protecting Yourself from Romance Scams
Security experts advise individuals to exercise caution when interacting with strangers and to be wary of anyone requesting financial information or sensitive data. It is important not to send money to people you have only met online and to thoroughly research individuals before engaging further.
Disclaimer
The information provided is not financial advice and is intended for educational, entertainment, and informational purposes only. Any strategies or opinions discussed may differ from your own risk tolerance. We are not liable for any losses incurred from investments related to the information provided. Please conduct your own due diligence as Bitcoin and other cryptocurrencies are high-risk investments. Copyright Pte Ltd.
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