You probably have heard about romance scams. That’s where someone contacts you through a dating app and strikes up a conversation. They might try to get you to communicate with them away from the app. They may also quickly declare their “love” for you. They often claim to be located in a remote area, such as the Middle East or Africa. After a while, they might ask you for money to help them out in some sort of emergency. Or for a plane ticket to meet you in person. They often find it hard to meet you in person, as much as they would like to.
A recent twist is that they say that they have been making a
killing in crypto currency and would be very happy to share with you how they
do it. In the end, the “relationship” revolves around money either to help the
scammer out or to share the new wealth that both of you have accumulated.
Recently, this scenario has morphed from a Romance scam into a
Friend scam. With a friend scam you might receive a text message from an
unknown phone number. The message would look like the sender had sent the text
to the wrong number. If you reply by saying something like “sorry, you have the
wrong number,” the scammer keeps up communication with you. According to AARP
this scam has been exploding since the summer of 2025.
At one point, and this might take several weeks or months, the
scammer brings up their great success at investing in crypto currency, and they
would be very happy to share their techniques with you.
Scammers in either a Romance scam or Friend scam look for targets
through social media to find more well-off victims. Or they can use a shot gun
approach by sending the same text message to hundreds of phone numbers.
Getting you to invest in crypto currency is perfect for the
scammers because the transfer of money is instant, irreversible, and hard to
trace (although there are some instances when it can be traced). The scammer,
or scammers group, will have set up a fake trading web site that you will be
steered to so that your investment can go into the scammer’s account. Also, the
web site can show you fake investment numbers that appear to show the increase
in your investment. The scammer might coach you very closely through each step
in their “investment” process. Over time the scammer will encourage you to
invest in larger amounts to “take full advantage of this investment
opportunity.” When you decide to cash in on your investment, then that’s when
the trouble begins. The scammer will start charging substantial withdrawal
fees, fake taxes, etc. When you have figured out that this good deal is a scam the
scammer and the web site all disappear with your money.
Anyone is a good target for this scam, no matter their age,
education level, or profession.
·
Older adults are vulnerable because of their accumulated wealth
and the potential that they are isolated.
·
People who are less tech savvy no matter their age or education
are also vulnerable.
·
People who are financially savvy are good target if the scammer
can “demonstrate” that he/she is financially savvy also.
·
Scammers can take advantage of people in emotional turmoil such as
going through a divorce or who have lost a loved one.
If you find yourself in a situation like this, here are some red
flags to look for,
- Communication
- The
scammer wants to move to a private platform.
- The
scammer avoids real time video, or they use short video clips.
- Photos
they send you are too perfect.
- The
scammer contacts you several times a day.
- They
fall in love with you very quickly.
- They
insist on secrecy.
- They
proclaim that “we are a team.”
- Financial
- They
offer to teach you to invest.
- They
move to crypto very quickly.
- They
guide you to a specific app or website.
If you detect one or two of
the above behaviors, slow down and pause:
·
Do some research.
o
Do a reverse image search on any photos the scammer has sent you.
o
Look up the investment platform independently. For example, do a
web search on the name of the platform with the word “scam,” “fraud,’ or
“crime.”
o
Talk to a friend or a trusted financial advisor about the
investment.
·
Insist on a real time video call.
If you have not met this person in person, DO NOT send money in
any form!!!!!
If you suspect this to be a scam, report it to,
·
Federal Trade Commission- .https://reportfraud.ftc.gov/
·
FBI- https://www.ic3.gov/
·
Your bank
·
The crypto exchange
Scammers are always changing the way they operate. They find more
effective methods to victimize people. While it may seem complicated and
confusing, scammers are after the same thing in any of their scams; your money
and/or your identity to steal your money. And they want you to act emotionally
without researching or asking trusted family members or friends.
AARP webinar on Romance and Friendship scams:
https://www.youtube.com/watch?v=LolZG7Wfrxw
AARP:
https://www.aarp.org/money/scams-fraud/affinity-fraud/?msockid=1ccaa3490741631714d9b3fb03416160
National Cybersecurity Alliance:
https://www.staysafeonline.org/articles/online-romance-scams
https://www.staysafeonline.org/events/why-romance-scams-work-how-to-protect-yourself-and-others
Ask Leo:
https://askleo.com/romance-scams-when-loneliness-makes-us-vulnerable/
