FTC Issues Urgent Warning on Growing Crypto Romance Scam!

The number of investors in the crypto market is constantly increasing. Although these are not relatively new at present, they are an online based digital currency, so there are some shortcomings in terms of security. And these opportunities are exploited by a class of thieves. Those who are stealing people's hard-earned money through various scams. Now romance scams have resurfaced. The United States Federal Trade Commission (FTC) recently issued a consumer warning about romance scams involving cryptocurrencies.

The US firm has urged investors to "disconnect" with consumers' online love interests. We know that as everything is digitized these days, scammers are also digitizing themselves. And for that they use long-term strategy as a new strategy. That's why they take the time to get to know their prey and build rapport before executing their plans.

Romance Scams:

source

Scammers fall in love with their victims so that they can easily understand them and get a better impression of them. Although people usually don't suspect a love interest of scamming them. But such scammers try to create an emotional connection with their victim so that they can easily trick their victim. This makes it easy to believe scammers' claims of being cryptocurrency experts. The US government agency noted that these scammers are good at what they do.

Although we know that scams are not new in this digital currency market. However, many fraudsters have taken millions of dollars from unsuspecting victims through romance scams. And that's why the US agency has warned investors that these scammers have already taken millions of dollars from unsuspecting victims.

These scammers will engage with you as if you think they are doing something good for you and build a relationship with you as if they are helping you invest your money in the crypto market. They will be so kind as to make you feel like they want to help you in any situation or say they can teach you how to do it. They relate to people in a way that makes people think they care about your financial well-being, but they don't. They only care about their own financial well-being. That's why the US agency has warned crypto investors in various ways that anyone's love interest could be a scammer. And also some signs they have informed and said to stay away from such signs. These signs include promising huge profits, guaranteeing no risk, claiming to teach investment secrets, and convincing victims to send their money.

However, one thing we have to remember is that no one can guarantee profit on any investment. Moreover, many of us know that all investments, including the crypto market, have risks. They are unstable. And in this unstable market, no one can expect a guaranteed profit. However, the US-based agency has asked the social platforms used by the scammers to report potential crypto-romance scammers. And they also told those who encounter scammers to warn their friends and family about the scam.

Romance scams like this are on the rise in Canada. Crypto scammers lurk in dating apps in the country in recent times. Recently the Canadian Anti-Fraud Center (CAFC) noticed an increase in romance and investment scams on social media, dating apps and text messages. That's why the country's authorities have warned investors in their country who discuss crypto trading and investing to beware and stay away from these scammers. Because over time, the scammer will suggest an investment opportunity, often involving crypto assets. So the government of the country has warned to stay away from these fraudsters.