The US Federal Trade Commission (FTC) has issued a warning about crypto romance scammers who offer investment advice. These scammers establish an emotional connection with their victims to gain their trust and then exploit them financially.

FTC Warns About Crypto Romance Scams

The FTC has issued a consumer alert advising individuals on how to handle situations where an online romantic interest offers investment advice. The alert highlights the deceptive tactics used by scammers posing as romantic partners to exploit victims financially.

How Scammers Operate

Scammers typically start by contacting their victims on social media, studying their profiles to build trust and rapport. Once a relationship is formed, the conversation shifts to investments, with the scammer claiming to prioritize their financial security. However, their sole objective is personal financial gain.

Red Flags to Watch Out For

Should someone you meet online offer assistance with cryptocurrency investments, it is likely a scam. These fraudsters promise high returns, claim there is no risk, and offer to teach you investment strategies. However, all investments carry inherent risks, and guarantees of returns are false.

How to Protect Yourself

If you encounter such offers, terminate contact immediately, report the scammer to the social media platform, and inform the FTC. The FTC recommends immediately ceasing all communication with the individual, reporting them to the social media platform, and filing a report with the FTC. Additionally, sharing this warning on social media can help protect others from becoming victims.

Conclusion

The FTC warns that these scammers can be very convincing, but it is essential to be cautious and vigilant. Remember that all investments carry risks, and guarantees of returns are false. If you encounter a situation like this, do not hesitate to report it and protect yourself and others from becoming victims.