Beware of Romance Scams Involving Cryptocurrencies: FTC Issues Consumer Warning

The United States Federal Trade Commission (FTC) has issued a consumer warning about romance scams involving cryptocurrencies, urging individuals to be cautious when engaging with online love interests who may be using crypto investing as bait. These scammers are known to build emotional connections with their victims before attempting to steal their funds.

The FTC emphasized that romance scammers are skilled at manipulating their victims and have already taken millions of dollars from unsuspecting individuals. They often promise large profits, guarantee no risk, and claim to have special investment secrets. The agency reminded consumers that no one can guarantee profits in any investment, including the volatile crypto markets.

In Canada, a similar surge in crypto romance scams has been observed, with scammers targeting Canadians on dating apps and social media platforms. The Canadian Anti-Fraud Centre (CAFC) and the Canadian Investment Regulatory Organization (CIRO) have issued a joint warning about these scams, advising individuals to be wary of anyone discussing crypto trading and investments.

To combat these scams, the FTC and other authorities are urging consumers to report potential scammers and warn their friends and family about the dangers of falling victim to these schemes. It is essential for individuals to remain vigilant and skeptical of anyone promising easy money through cryptocurrency investments.