Fraudsters target people seeking romance on social media platforms and dating websites and convince them to invest in cryptocurrency

SOFIA, BULGARIA, July 5, 2022 /EINPresswire.com/ -- Fraudsters target people seeking romance on social media platforms and dating websites and convince them to invest in cryptocurrency.

Online dating sites have been great for some people to find genuine, everlasting relationships. Unfortunately for some people, it has become one of the saddest nightmares causing considerable losses. Dating scams have tripled in the past seven years, making them the top 6 riskiest scams, causing nearly a loss of $547 million in 2021.

These days online scammers are targeting Americans on dating apps and social media, pretending to fall in love and convincing them to buy into their cryptocurrency schemes.

Cindy Tsai, a 51-year-old Asian American from Newtonville, went through such an experience. Tsai said that in October 2021, she met a young man on a dating platform named Jimmy, whom she found attractive, and he often complimented her too. A few days later, he shared his success with cryptocurrency, sending her photos of his returns.

After some time, Jimmy started convincing Tsai to invest using false data. Tsai eventually bought nearly $20,000 worth of Ethereum and transferred it to an account that appeared to be linked to a cryptocurrency exchange website. However, the website was fake and was controlled by Jimmy. In the scam, Tsai lost almost $2.5 million to Jimmy.

According to Cyber-Forensics.Net, a team of fund recovery specialists, "Scammers execute these scams after months of planning and creating a fake online profile that can be hard to differentiate from the real ones." Several victims reported to Cyber-Forensics that they were targeted by fraudsters who took advantage of them in the name of love.


Timothy Benson, a chief analyst at Cyber-Forensics.Net, adds, "Romance scams are showing up more and more. The stories we hear sometimes sound like a repeat of the last conversation. You should never trust someone that contacted you randomly, especially one you haven't met in person, and by no means send cryptocurrency."

How Does Emotional Manipulation Play A Pivotal Role In Romance Scams?

Scammers try to gain their trust and affection by taking their time with their victims and gaining trust, waiting for the right moment to execute the scam. The act is also called 'pig butchering'. These scammers pretend to be attractive professionals or business people searching for close relationships. However, they often work for organized crime gangs, often out of China, Africa, or eastern European countries.

They target independent men and women and connect with them through dating apps or social media platforms from their fake profiles. They do not differentiate between single or married people. The personalities are often too good to be true and portray a genuine charm. The criminals often find their victim's personal information on social media and use it to gain their trust.

Warning signs of romance scams
Some victims claim they were approached by SMS, WhatsApp, or telegram looking for an old friend who changed their number. Others claim they were targeted on social media or dating sites. The common thread is that the conversations start seemingly naturally. After gaining the victim's trust, the culprits introduce financial concepts and schemes.

Sometimes the scammers ask many personal questions about the victim they target. Often they research the victim using anything available in their public profile to make a connection, such as a (fake) shared alma mater. The key is that they try to build emotional relationships with the victims over time and ask to move the conversation to a more private platform such as WhatsApp, LINE, Telegram, or phone.

Often the scammers avoid talking about their personal life and reveal little or strange bits of information. Because sometimes these are groups and not individuals, the stories and even names can change over time. Many victims seeking relationships notice the idiosyncrasies but overlook these issues at the time.

Within a few days or weeks of conversation, the scammers discuss how they trade for a living, invest in ICOs or other FX products, or ask for financial help. They often also introduce the victim to a trading platform and promise to 'guide them' in their trades or that they know someone who can help with inside trading tips. Another part of many scams is they attempt to comingle funds to get better terms, meaning 'if you send 20k, I will put in 20k, and the account will have better terms'. This commingling of funds is later used as an excuse for not allowing withdrawals.

What Precautions Can be Taken To Keep Away From Such Scams?

Don't chat with 'wrong number' calls or messages. Move on.
Do not share personal details like full name, date of birth, and home address with strangers.
Do not send or receive money from anyone you only know online.
Never pay anyone with cryptocurrency, especially not someone you met online.
Never allow anyone to 'help' you create a cryptocurrency account; it is an opening for someone to access computers or banking information.
Never wholly trust dating apps. They are in it for the money, and Cyber Forensics has seen claims from the most famous apps.
Trust instincts regarding fishy stories; don't overlook them. Be critical.
Be wary of recovery scams - especially unsolicited advice using crypto payments.

Although Cyber-Forensics.net works in the recovery space, there are many fraud recovery companies out there - often, these are connected with scams. For this reason, Cyber-Forensics.net recommends that victims never respond to unsolicited requests for recovery, be critical with many questions for assistance, and involve family members or lawyers when necessary.

How To Report Stolen Cryptocurrency And A Romance Scam?
Cyber-Forensics.net always recommends that victims of scams speak to police, authorities, family members, or regulators. Many people are wary of talking to the police. However, this is important, especially with the help of Cyber Forensics counsel.

Why would victims need counsel regarding speaking to authorities?
Cyber-Forensics.net agents have seen countless victims turned away by police. Victims are turned down because they often approach ill-equipped police departments with disjointed stories with little evidence. Cyber-Forensics.net can assist in preparing the information in a proven format for working with authorities.

How To Recover Lost Bitcoins From An Online Scam?

Losing fiat money or cryptocurrencies like bitcoin in a scam is never a good experience. It brings a ride of crazy emotions and pressure on how to recover the lost funds. Here, fund recovery services like Cyber-Forensics come to help victims reclaim what is theirs.

About Cyber-Forensics.Net Review:
Cyber-Forensics.Net is committed to providing the most accurate tracing service for victims of online scams. Cyber-Forensics.Net empowers and simplifies the process of tracking down the cyber-criminals and assists in recovering the funds and creating an atmosphere for a negotiated settlement. For more information, please visit https://cyber-forensics.net.

Peter Thompson
Cyber-Forensics.net
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