Law enforcement authorities warn of romance and digital currency investment scams
CONTRIBUTED ARTICLE
The Federal Bureau of Investigation reminds computer users and others to be on the look out for romance and digital currency investments scams and cons.
In a recent news release, FBI authorities defined a confidence fraud or romance scam as a situation in which “an individual believing they are in a trusting relationship, whether family, friendly or romantic, is tricked into sending money or personal information to the scammer.”
Such schemes often begin when a scammer adopts a fake online identity to gain the affection and trust of a targeted person.
“The scammer then uses the illusion of a romantic or close relationship to manipulate and steal from the victim,” according to authorities.
The scammer will seem genuine, caring and believable.
Scammers often use information posted to social media accounts of a targeted person to help develop a quick connection with their targets, according to authorities.
“The scammers’ intention is to establish a relationship as quickly as possible, endear themselves to their victims and gain their trust,” according to the news release.
The scammer will then exploit the new relationship for their personal gain.
Digital or cryptocurrency investment scams follow a similar design, according to authorities.
Again, scammers work to develop trust with the person whom they are targeting. Once trust is established, “scammers manipulate the victims, often with the promise of lucrative investment opportunities, into depositing money into financial “investments” using cryptocurrency,” according to authorities.
To facilitate the investment and demonstrate the returns on the investment, scammers direct investors to websites controlled by the scammer.
After the targeted investor makes several investments through the scam websites, requests to withdraw or cash out investments are denied.
Next, scammers may claim the targeted investor needs to pay additional “taxes” or “withdrawal fees” to release their investment “gains.”
“Then the scammer cuts off contact with the victim, vanishing with the invested sums,” according to the news release.
The FBI offers the following tips.
If you develop a romantic relationship with someone you meet online:
•Think carefully before sharing personal information online. Scammers can use details shared on dating sites and social media platforms to better target victims.
•If you try online dating, only use dating sites with well-known reputations. Search people’s photos and profiles online to see if anyone has used the names, images or information elsewhere.
•Take the relationship slow; ask a lot of questions.
•Beware if the person quickly asks you to leave a dating app or social media platform to go “offline” or tries to isolate you from friends and family.
•Never send money, cryptocurrency or gift cards to anyone you’ve only communicated with online or by phone.
•Be particularly cautious if the person you’re communicating with described themselves as overseas for work or other circumstance. Scammers use overseas construction or military jobs as an excuse to not be able to meet in person.
•Scammers can fabricate life events such as medical emergencies they need money to pay for, or may request for money for airfare and travel up front if the plan is to meet face-to-face.