The Federal Trade Commission (FTC) in the United States has issued a cautionary alert regarding romance scams that are linked to cryptocurrencies. The FTC has advised consumers to sever ties with online romantic interests who may be attempting to deceive them into investing in crypto assets as a means to steal their money.
These scammers use a patient approach, taking the time to build relationships with their victims before carrying out their fraudulent activities. Despite the fact that individuals typically do not suspect their love interests of engaging in scams, romance scammers are skilled at creating emotional connections with their targets, making it easier for victims to believe their false claims of being experts in cryptocurrency.
The FTC emphasized that these scammers are proficient at their deceptive tactics, and have already defrauded millions of dollars from unsuspecting victims. The agency also outlined several warning signs to lookout for, such as promises of high profits, guarantees of no risk, claims of exclusive investment knowledge, and requests for money.
Consumers were reminded by the FTC that no one can guarantee returns in any investment, and that all investments carry risks, including those in the crypto markets. The agency encouraged individuals to report any potential crypto romance scams to the FTC and the social platform where the scam occurred. Additionally, the FTC urged those who have encountered scammers to alert their friends and family about the dangers of such scams.
Meanwhile, in Canada, there has been a surge in romance and investment scams related to cryptocurrencies. The Canadian Anti-Fraud Centre (CAFC) and the Canadian Investment Regulatory Organization (CIRO) issued a joint warning about these scams, particularly those involving extended online conversations that eventually lead to discussions about crypto trading and investments.
The authorities cautioned Canadians to be wary of individuals who bring up crypto investments over time, as this could be a red flag for a potential scam. The government advised individuals to remain vigilant and report any suspicious activities to the appropriate authorities.
In related news, crypto enthusiasts have already begun to influence the 2024 election, a trend that is expected to continue in the future.