It’s Valentine’s Day morning on February 14, the sun is shining bright and courtesy a rare celestial event, you are feeling lucky today as Cynthia from Philly has just sent you a request on Gram. But, hold your horses, says the Federal Bureau of Investigation, as they believe you could be set up for an elaborate scam involving cryptocurrencies.
Ahead of Valentine’s Day, the FBI has issued a warning against crypto scammers trying to dupe unsuspecting victims looking for their “perfect match” online. According to FBI officials, over the past few years, February 14 has served as an opportunity for scammers to develop personal relationship with victims and then lure them with fake cryptocurrency investment schemes.
The advisory issued by FBI Philadelphia asks citizens to exercise caution while accepting requests from strangers on social media, especially around the Valentine’s Day week, as they believe a new modus operandi of “romance scamming” is in play.
“In a confidence fraud or romance scam, an individual believing they are in a trusting relationship, whether family, friendly, or romantic, is tricked into sending money or personal information to the scammer……Once trust and rapport are built, scammers manipulate the victims, often with the promise of lucrative investment opportunities, into depositing money into financial “investments” using cryptocurrency,” said FBI in an advisory.
The FBI has stated that scammers often manipulate victims after gaining their trust by developing a personal relationship. Once a rapport is made, the scammers then manipulate victims into visiting fake websites impersonating as cryptocurrency exchanges. The victim is under the illusion that they are gaining high returns on their crypto investments made on the fake exchange website.
“To facilitate the investment and demonstrate the returns on investment, victims are directed to websites that appear authentic but are actually controlled by the scammer. After the victim has made several cryptocurrency investments through these scam sites, which purport significant returns, victims’ requests to withdraw or cash out their investments are denied for one reason or another. Scammers will often claim the victim needs to pay additional “taxes” or “withdrawal fees” to release their investment “gains”, thereby obtaining additional victim funds. Then the scammer cuts off contact with the victim, vanishing with the invested sums,” added the FBI.
To secure oneself from such scams, the FBI has issued guidelines warning people against sharing their personal information online and to only use reputable dating sites. The FBI has also cautioned against moving to other applications or websites after making initial contact with scammers on reputable platforms.
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