FTC Warns Crypto Investors of Increasing Crypto Romance Scams

FTC Warns Crypto Investors of Increasing Crypto Romance Scams

FTC has issued a warning to inform cryptocurrency investors about the sudden rise in romance scams. The notification posited that cryptocurrency investors should learn about the tricks and tactics used by such scammers and inform their relatives about them as well.

As per the article, the Federal Trade Commission has published a warning for investors about the increased instances and complaints of romance scams.

FTC suggested the investors to revoke access to any suspicious online parties that are posing as potential love interest. In reality, scammers may be after extracting their personal information and exploiting it to steal funds such as cryptocurrencies.

The officials have further revealed that scammers in such instances make use of baits such as crypto offerings in order to entrap their targets.

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At the same time, scammers often go for a long-term play using different types of methods and taking time to collect all information pertaining to their targets.

In this manner, they can make an attempt to interact with their victim on any online platforms that they are using and try to engage with them using personal information as a way to execute their suspicious activities.

Rise of Crypto Romance Scams

According to FTC, most people do not associate a potential love interest with any type of malicious conduct. However, scammers use different manipulation tactics and sometimes hacking skills to infiltrate into the personal life of a target as a way to build an emotional connection with them.

At the same time, the scammers may present themselves as an expert authority on a given subject such as posing as a cryptocurrency or trading expert.

However, as per the official notification, crypto investors should beware of such attempts and steer clear of any parties intercepting their personal space. As per FTC particulars, scammers have already amassed millions of dollars from emotionally vulnerable or unsuspecting victims.

FTC further revealed that the scammers will pose as if they are trying to help you invest in a growing project or give your exclusive pointers.

Anyone who follows their advice or subscribes to their suggestions is likely to suffer from a substantial loss or get trapped in a fraudulent crypto project.

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Scammers can try to create a persona posing as a guardian or caretaker but in reality, they are only worried about promoting their scam crypto projects and recruiting as many new investors into it as possible as a way to inflate their income.

FTC Warns Crypto Investors About Methods and Tactics Used by Scammers

Cryptocurrency investors can identity malicious actors by the way that they operate. The most common signs are talks about big returns, zero-risk claims, promises to share trade secrets, and constant requests to send money.

FTC informed the investors that it is not possible for anyone to warrant a 100% success rate in any scenario inclusive of cryptocurrency investing.

The government has directed the investors to report any instances where they feel like they have encountered scam artists online. The affected persons should keep a detailed record of every online forum and social media platform where such scammers made several attempts to entrap or target their victims.

FTC Urges Investors to Share Details of Romance Scams

At the same time, FTC has also asked investors to share the details of romance scams with fellow investors in the crypto community.

The same issue is also persistent in the crypto markets of Canada as per the Canadian Anti-Fraud Center (CAFC). A notification issued by the fraudulent watchdog, issued on 29th May, claimed that various romance scammers are active on social media platforms, dating apps, and use text messaging to approach their targets.

The authorities have informed the investors about the risks associated with extended online correspondence. The officials have asked people to steer clear of scammers who discuss cryptocurrency investment online and try to promote a particular crypto project without any technical qualifications or accolades to their name as a way to gather attention of their victims.

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Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

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