Between January 1st and July 31st, 2021, people in the United States lost $133,400,000 to romance scams, according to the Federal Bureau of Investigation (FBI). Per-user, the average loss was in the tens of thousands of dollars. Scammers frequently mislead victims into believing they are investing in Bitcoins. But, what is the romance scam? A common romantic scam begins by earning the victims’ trust, after which they are steered to fake platforms claiming to offer investment opportunities. While the scammers enable investors to withdraw some earnings from the initial deal in order to establish credibility, the victims are pressured to invest additional money or cryptocurrency. This article will explain the scam that not only break your heart but break your pockets too. How do romance scam takes place? The scammer usually initiates contact using social media platforms and dating apps. After gaining the victim’s confidence and trust through an online relationship, the scammer claims to know about cryptocurrency investment or trading opportunities that will result in significant rewards. The victim is directed to a phony website or application that offers an investment opportunity. The scammers allow the victim to withdraw a small amount of money once the victim has deposited an initial amount on the platform and sees a supposed profit, further increasing the victim’s trust. According to the FBI, once a scammer has a victim, they...
