FTC warns of crypto romance scams in the US

The US Federal Trade Commission (FTC) has issued a warning to love seekers about crypto romance scams, in which someone you meet online pretends to be a romantic interest, but their endgame is to steal your money through crypto “investments.”

Online relationships that pivot to crypto investment advice should raise red flags, the agency warns, as these so-called suitors are often fraudsters after your money.

According to the agency, scammers usually reach you through social media, act friendly, and establish an emotional connection to make you believe they’re genuine. They then pretend to be investment experts and offer to help you make money in crypto.

These “experts” may also guarantee high returns and downplay risks to lure you in. The next step is to pressure you to send money quickly through untraceable methods like gift cards, money transfer apps, or crypto. All of these could be a lie, according to the FTC.

“No matter what they say, if someone you meet online says they want to help you invest in cryptocurrency, it’s an investment scam,” stated the FTC.

According to the FTC, these scammers excel at creating emotional bonds, making their financial deception all the more convincing. Victims have reported losses ranging from thousands to millions of dollars to these romance ruses.

The agency also advises immediate disconnection from suspected scammers and reporting to the authorities if you suspect a scam.

“If you think someone you met on social media is a scammer, cut off contact. Tell the social media platform, and then tell the FTC at ReportFraud.ftc.gov ,” said the FTC.