As Valentine’s Day draws near and love is in the air, scammers are on the rise, targeting those looking for romantic connections.

In the world of digital courtship, love can be a click away, as can deception. In August 2023, crypto.news ran a story about a Minnesota man who got duped out of a fortune after being charmed by a seemingly benevolent connection on LinkedIn. 

The man fell victim to a sophisticated romance scam promising quick riches and feigned affection. The scheme saw him funnel millions from his savings to shadowy accounts for what he believed were lucrative crypto investments.

The scam unraveled when the man’s supposed romantic partner demanded a $2.8 million fee to release the windfall from the alleged investment. The victim’s wife raised the alarm after her husband went on a liquidation spree of all their other assets to raise the fee demanded by his online paramour.

The case is merely one of thousands documented by the Federal Trade Commission (FTC), where victims have been lured in with promises of love and hefty crypto paydays. And with Valentine’s Day fast approaching and hearts becoming more susceptible to romantic gestures, it is only fitting to remind readers of the darker side of digital love.

Digital dating and crypto scams

The proliferation of online dating apps such as Tinder, Bumble, Hinge, and Match.com, as well as social platforms like Facebook and X, means that now, more than ever, it is easy for romance to bloom in the digital space.

According to privacy platform Cloudwards, by 2021, there were nearly 324 million users of online dating platforms, with at least three-quarters of that number yearning for some commitment.

However, this vulnerability has given rise to a rogue’s gallery of swindlers looking to exploit it. The toll is staggering: in 2022 alone, approximately 70,000 lovelorn souls admitted to falling victim to romance scams, with the FTC Go to Source to See Full Article
Author: Julius Mutunkei

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