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Valentine’s Day and Romance Scams: How to Protect Yourself, Including from Crypto Fraud
With Valentine’s Day just around the corner, now is the perfect time to talk about an unfortunate but growing issue: romance scams. While these scams can happen on any online platform, including dating apps and social media, they are becoming more prevalent in the world of cryptocurrency. Romance scammers are not only looking for love—they're also looking to steal your money, including via cryptocurrency.
Who Is at Risk for Romance Scams?
Anyone can fall victim to a romance scam, but fraudsters often target vulnerable individuals, such as those who may be lonely or looking for companionship. Older adults, in particular, are more likely to be targeted, as scammers prey on those who may not be as familiar with the risks of online fraud.
How Romance Scams Work
Romance scams usually start with the scammer building a relationship online. Once trust is established, the scammer will fabricate a compelling story—often involving a financial emergency or personal tragedy—and ask for money. While money may be requested in the form of traditional bank transfers or gift cards, cryptocurrency is becoming an increasingly common method of payment.
In some cases, scammers might offer to "gift" funds to their victims, asking for their personal or banking information in the process. What they’re really doing is stealing financial details or using the victim's account for money laundering.
Recognizing the Signs of a Romance Scam
As cryptocurrency and digital payments become more mainstream, scammers are increasingly using these methods to carry out their schemes. Here are some signs that you may be dealing with a romance scam:
Things Move Too Quickly: Scammers often try to escalate the relationship quickly to gain trust. If someone you’ve just met online is expressing deep feelings or affection unusually fast, be cautious.
Requests for Money: If someone you’ve just met is asking for money—especially in the form of cryptocurrency—it’s a major red flag. Romance scammers often ask for funds to be sent through digital payment methods, which can be harder to trace.
Military or Overseas Excuses: Scammers often claim they’re overseas for work or military service, explaining why they can’t meet in person. This also gives them an excuse for communication delays and a reason to move conversations to messaging apps like WhatsApp, Telegram, or Google Hangouts.
Protect Yourself from Romance Scams
Here are some tips to keep you safe from romance scams:
Never Send Money to Someone You Don’t Know: Regardless of the circumstances, never send money, especially cryptocurrency, to someone you’ve met online.
Get to Know People Gradually: Take your time and make sure you’re talking to a real person. Be cautious when chatting with someone new online.
Watch What You Share Online: Be mindful of what you post, like, comment on, or share on social media and dating apps. The more personal information you share, the easier it is for scammers to manipulate you.
Use Technology to Verify: Consider using reverse image search to check whether the photos of the person you’re talking to are authentic. A simple Google Image search can reveal if someone is using a stolen photo.
Trust Your Instincts: If something feels off, it probably is. Don’t ignore your gut feeling.
What to Do if You Suspect a Romance Scam
If you suspect you’ve fallen victim to a romance scam, stop all communication immediately. If you shared any personal or financial information, especially related to cryptocurrency, contact your financial institutions right away. You should also report the scam to the Federal Trade Commission (FTC) at https://reportfraud.ftc.gov.
By staying informed and vigilant, you can protect yourself from falling prey to romance scams, both traditional and cryptocurrency-related. Stay safe this Valentine’s Day—and beyond!