Americans wasted USD185 million in just 3 months to cryptocurrency romance fraud



Los Angeles: People in the US lost cryptocurrencies worth over USD185 million in the first quarter of this year as a result of romance scams. Romance scams are one of the latest tactics that fraudsters are using to take advantage of their victims.

According to a recent Federal Trade Commission (FTC) investigation, over 46,000 Americans have reported losing more than USD 1 billion in bitcoin to scammers since the beginning of 2021.
Romance scams are the second most common type of bitcoin fraud, per a BanklessTimes analysis. “Victims of romance scams discover the hard way that the heart is not very wise.

They are easy targets for con artists who take advantage of their desire for love to defraud them of their money “Jonathan Merry, CEO of BanklessTimes, said. The average loss for victims of bitcoin romance scams is $10,000.

Once they have the victim, the scammers will “offer counsel” on how to invest in cryptocurrency. According to the article, the victims are currently so trusting that they are prepared to accept their “advice” at the expense of themselves.

The other frauds include business and governmental impersonation operations. These caused losses of USD133 million in the first quarter of 2022. In order to gain the victim’s credentials, the fraudster must pose as an individual in a position of authority. Younger people are more frequently the target of cryptocurrency frauds. Statistics show that victims are most likely to be between the ages of 20 and 40.