What Are Crypto Romance Scams?

Table of Contents

• What Is a Scam?
• What Are Romance Scams?
• What Are Crypto Romance Scams?
• How Do Crypto Romance Scams Work?
• Red Flags of Crypto Romance Fraud
• How to Avoid Falling Victim to a Romance Scammer
• How to Report a Crypto Romance Scam
• To Recap
• FAQs 

It is the season of love, making it the best time to discuss romance… scams. 

Crypto romance scams are a growing form of fraud where scammers use relationships, mostly online, to deceive victims into investing in fake cryptocurrency schemes. 

These scams can be financially devastating and emotionally draining. 

In this post, we’ll explore how they work, red flags to watch out for, and how to protect yourself. This guide will also contain tips on how to spot a crypto romance scammer.

You can consider it Obiex’s Valentine’s Day gift to you. Don’t mention.

What Is a Scam?

A scam is a fraudulent scheme designed to trick individuals into giving away money, personal information, or valuable assets. 

Common scams include fake investment opportunities, phishing emails, lottery scams, and pyramid schemes. 

These schemes often manipulate victims by creating urgency or building trust under false pretences.

What Are Romance Scams?

Romance scams occur when a con artist forms an online relationship with someone to gain their trust and, ultimately, their money. 

These relationships often develop quickly, with the scammer professing love or care. 

Once trust is built, the scammer fabricates a financial crisis or asks the victim to invest in a supposedly lucrative opportunity.

What Are Crypto Romance Scams?

Crypto romance scams combine romance scams and cryptocurrency fraud. 

In these scams, the romance scammer persuades their victim to invest in a fake cryptocurrency project or platform. 

They often claim that the investment will yield high returns, but once the victim transfers the money, the scammer disappears.

How Do Crypto Romance Scams Work?

1. Creating a Fake Profile:

Romance scammers typically steal photos and information from other people’s social media accounts to build believable fake profiles. 

They use attractive pictures and appealing bios to draw attention on dating sites or social media platforms. 

Their goal is to create an identity that feels trustworthy and desirable to the victim.

2. Initiating Contact:

Scammers usually make the first move by messaging victims through dating sites, social media, or messaging platforms like WhatsApp. 

They may introduce themselves as someone looking for a serious relationship or even marriage, making them seem genuine.

3. Building Trust:

One of the most critical steps in online romance scams is building emotional trust. 

Romance scammers will share fake stories about their lives, struggles, or personal experiences. 

They may ask detailed questions to seem deeply interested in their victim’s life. This emotional bond lowers the victim’s guard.

4. Introducing Cryptocurrency:

Once trust is established, the romance scammer introduces cryptocurrency as a promising investment. 

They may claim they have earned huge profits through crypto or know of an “exclusive investment opportunity” that is too good to miss. 

This sets the stage for the financial trap.

5. Creating Urgency:

Scammers often use urgency to push victims into making rash decisions. 

They might say the investment offer will expire soon or that the price of a particular coin is about to skyrocket. 

This pressure tactic is meant to discourage victims from thinking things through or doing their research.

6. Asking for Money:

Once the victim expresses interest, the scammer will request funds for the fake investment. 

They may provide links to fraudulent websites or apps where victims can deposit money. 

In many cases, these platforms appear professional and even show initial profits to gain more trust.

7. Showing Fake Profits:

Some scammers take the deception further by sending screenshots of fake profits. 

These fabricated images are designed to show how much money the victim has supposedly earned, encouraging them to invest more.

8. Disappearing:

After the victim has transferred enough money, the scammer disappears. They may delete their social media accounts, block the victim on all platforms, or shut down the fake investment platform. 

The victim is left with financial losses and emotional distress.

Red Flags of Crypto Romance Fraud

1. Quick Relationship Progression:

One of the biggest red flags in crypto romance scams is how quickly the scammer pushes the relationship forward. They may express strong feelings of love or care after only a few days or weeks of chatting. 

This is designed to make you feel emotionally attached before you can think critically. 

Scammers often use phrases like "I’ve never felt this way before" or "You’re the one I’ve been waiting for" to build false trust and connection. 

Be cautious if someone declares deep emotions early in an online relationship.

2. Refusal to Meet in Person or via Video Call:

Another common sign of online romance scams is the refusal to meet in person or over a video call. 

Romance scammers typically provide excuses such as a poor internet connection, being in a remote location, or working on an important project. 

They may even send fake photos to make themselves seem more real. 

This lack of face-to-face interaction is a strong indicator of internet dating fraud, as scammers want to avoid revealing their true identities.

3. Requests for Financial Help:

Scammers frequently ask for money under the guise of financial emergencies. 

Common excuses include needing funds for medical treatment, helping a sick family member, or covering travel expenses to visit you. 

They may also present "lucrative" cryptocurrency investment opportunities, claiming it’s a once-in-a-lifetime chance. 

This is a critical red flag in crypto romance scams, as legitimate online relationships rarely involve sudden financial requests.

4. Creating a Sense of Urgency:

Dating and romance scams often rely on emotional manipulation through urgency. 

Scammers may say things like "You must act now!" or "This offer is only available today!" to push you into making quick decisions. 

The goal is to prevent you from thoroughly researching or thinking logically before transferring money. 

Urgency is a powerful tactic designed to make victims feel pressured and compliant.

5. Requests for Cryptocurrency Transfers:

If someone you’ve only met online insists on transferring money through cryptocurrency wallets, gift cards, or prepaid cards, it’s a major warning sign. 

Crypto transactions are harder to trace and reverse than traditional bank transfers, making them ideal for scammers. 

This method is commonly used in crypto romance scams to avoid being caught and to make it more difficult for victims to recover their money.

How to Avoid Falling Victim to a Romance Scammer

1. Verify Identities:

Always verify the identity of the person you are communicating with. 

Use tools like Google’s reverse image search to check if the person’s profile photo has been stolen or used elsewhere. 

Many romance scammers use stock images or photos of models to create fake personas. 

If the image appears in multiple places under different names, it’s a red flag for romance scams.

2. Be Sceptical of Financial Requests: 

If someone you’ve met online asks for money, especially for cryptocurrency investments, be very cautious. 

Most online relationship scams begin with emotional manipulation, followed by urgent requests for funds. 

Scammers often claim emergencies or offer investment opportunities that are too good to be true. 

Always pause, and consult a trusted friend or financial advisor before sending money.

3. Look Out for Red Flags: 

Pay attention to suspicious behaviour. 

Romance scammers usually avoid meeting in person or participating in video calls. 

They may give excuses like a broken camera or poor internet connection. 

If the relationship progresses too quickly, with instant proclamations of love or future plans, it could be part of the scam strategy.

4. Research Investment Opportunities: 

Before investing in any cryptocurrency, thoroughly research the platform or investment opportunity. 

Scammers often create fake crypto trading platforms to trick victims into transferring money. 

Check for reviews, ratings, and regulatory approvals. 

Never invest based solely on the recommendation of someone you’ve only met online.

5. Report Suspicious Profiles: 

If you suspect that someone is a romance scammer or engaging in dating and romance scams, report their profile immediately.

 Most dating platforms and social media sites have options to flag suspicious accounts. 

By reporting them, you not only protect yourself but also help prevent others from becoming victims of internet dating fraud.

How to Report a Crypto Romance Scam

1. Contact Your Bank or Payment Provider:

If you’ve sent money to a romance scammer through your bank or any payment service, contact them immediately. 

Explain that you’ve fallen victim to internet dating fraud and request a halt on the transaction if it’s still pending. 

In some cases, banks may be able to reverse the payment or block further transfers. 

The sooner you act, the better your chances are of limiting your financial losses.

2. Report to the Authorities:

In Nigeria, any dating and romance scams should be reported to the Economic and Financial Crimes Commission (EFCC) or the Cybercrime Unit. 

In Ghana, report to the Cyber Security Authority (CSA).

In Cameroon, report to the National Agency for Information & Communication Technologies (ANTIC).

You can also file a report with your local police station. 

Provide all relevant details, such as chats, screenshots, and transaction receipts. 

This information will help the authorities investigate and potentially track down the scammer.

3. Notify the Dating or Social Media Platform:

Whether the scam happened through a dating site or a social media platform, it’s essential to report the scammer’s profile. 

Platforms typically have a “Report” or “Flag” option that allows users to report suspicious behaviour or romance fraud. 

By reporting, you help platforms identify fake profiles and prevent other users from falling victim to dating site scams.

4. Warn Others About the Scam:

Share your experience to warn others about the tactics of romance scammers. 

You can post warnings on social media or relevant online forums. 

This helps spread awareness and can prevent others from becoming victims of similar scams. 

Some victims also choose to join support groups for advice on dealing with the emotional and financial aftermath of online relationship scams.

5. Protect Your Accounts:

Change the passwords for your email, social media, and financial accounts to ensure that the scammer cannot access them. 

Use strong, unique passwords and enable two-factor authentication (2FA) wherever possible.

Stay safe during this period and always.

To Recap

• Crypto romance scams involve fraudsters using online relationships to deceive victims into investing in fake cryptocurrency schemes, often promising high returns before disappearing.
• Victims may suffer both financial and emotional losses from these scams.
• Scammers typically create fake profiles, initiate contact, build trust, discuss cryptocurrency investments, create urgency, and then vanish with the victim’s money.
• Red flags to look out for include quick relationship progression, refusal to meet in person or via video, financial requests, creating urgency, and asking for cryptocurrency transfers.
• To avoid scams, verify identities, be sceptical of financial requests, watch for suspicious behaviour, research investment opportunities, and report suspicious profiles.
• Victims should immediately contact their bank or payment provider to try halting transactions and report the scam to authorities and the platform where contact was made.
• Warning others about the scam through social media or forums can help raise awareness and prevent further victims.
• It’s essential to protect personal accounts by changing passwords and enabling two-factor authentication.

FAQs 

Q1. What is a romance scam?

A romance scam is when a scammer forms a fake relationship to deceive someone into giving them money or information.

Q2. How can you tell if someone is a romance scammer?

Look for signs like quick declarations of love, refusal to meet, and requests for money or crypto investments.

Q3. How do you outsmart a romance scammer?

Be cautious, verify identities, and never send money to someone you’ve only met online.

Q4. What is internet dating fraud?

Internet dating fraud involves scammers using fake profiles to trick victims into financial scams.

Q5. What does a format for dating scam look like?

It often follows a pattern: quick relationship progression, fake emergencies, and urgent money requests.

Q6. How can you tell if someone is a crypto scammer?

They may talk about high-return investments, pressure you to act fast, and request money transfers through crypto.

Q7. What should you do if you suspect a romance fraud?

Stop communication, report the profile, and contact your local authorities.

Q8. Why do scammers target dating and romance platforms?

Scammers exploit the emotional vulnerability of people seeking relationships.

Q9. What happens if you send money to a scammer?

It’s often difficult to recover the money, but report it immediately to authorities for help.

Q10. How can you protect yourself from online relationship scams?

Stay cautious, verify identities, and never send money without thorough research.

Disclaimer: This article was written to provide guidance and understanding. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.