Cyber Crime
FBI Warns Against Romance Scam, Americans Lost $1 Billion To Dating Scammers In 2021
Over 24,000 Americans lost a total of $1 billion to romance fraudsters in 2021, making it the most lucrative year for romance scammers on record, according to the FBI, with many scam artists persuading their victims into paying bitcoin.
The Federal Bureau of Investigation (FBI) in the United States has issued a warning about the surge in cryptocurrency-related romantic scams.
The FBI San Francisco field office warned the public about the spike in romance frauds just days before Valentine’s Day, based on complaints lodged with the FBI’s Internet Crime Complaint Center (IC3).
ALSO READ: FBI To Have Dedicated Unit To Counter Cryptocurrency Crime and Ransomware
A romance scam entails setting up phoney accounts and persuading unsuspecting investors — both men and women — to send money under the guise of getting romantic.
“Victims inside the FBI San Francisco division’s region lost more than $64 million to romance scams in 2019, compared to little over $35 million in 2020,” according to FBI data. In the Northern District of California, the intelligence and security service received 742 complaints in 2021, far outnumbering the 720 and 526 complaints received in 2020 and 2019. In 2020, the IC3 received over 23,000 complaints concerning confidence/romance frauds, resulting in losses of almost $600 million.
“The FBI San Francisco has witnessed a developing trend in which romance scammers are convincing individuals to send money to invest in or trade cryptocurrency,” according to the FBI alert.
A common romance scam begins by earning the victims’ trust, after which they are steered to fake platforms claiming to offer investment opportunities. “When the victim is ready to withdraw funds again, the con artists invent reasons why this is impossible. “The victim is advised that additional taxes or fees must be paid, or that the minimum account balance to authorise a withdrawal has not been met,” the FBI cautioned.
The rise in online romance frauds has paralleled a pandemic-driven rise in social isolation and dependence on technology to meet social demands.
Tinder users sent 19 percent more messages per day in February 2021 than in February 2020, according to the business, and conversation duration increased by 32% over pre-pandemic norms.
ALSO READ: FBI Warning: Cybercriminals Can Steal Your Money Or Infect Phone, Check QR Code While Scanning
Scammers build bogus online profiles using images taken from the internet, and they frequently include built-in excuses for not being available to meet in person, such as serving in the military overseas.
Once a scammer has gained their victim’s trust, they will ask for money to assist them to handle a fictitious issue, such as paying for medical treatment for a sick kid or settling “processing costs” to release monies that would otherwise be at risk.
Follow The420.in on
Telegram | Facebook | Twitter | LinkedIn | Instagram | YouTube