FTC Warns Of Rising Crypto Romance Scams

FTC Warns Of Rising Crypto Romance Scams

Published Tuesday 11th June 2024

The U.S. Federal Trade Commission (FTC) has recently issued a warning about the increasing prevalence of cryptocurrency romance scams. These scams involve fraudsters posing as potential romantic partners who manipulate victims into investing in fake cryptocurrency schemes. The FTC is urging the public to exercise caution and be vigilant against such scams, emphasizing the importance of immediate reporting and raising awareness to prevent falling victim to these deceptive practices.

Cryptocurrency romance scams typically involve perpetrators exploiting emotions and trust to deceive individuals into sending them money or cryptocurrency. These scams often play on the victim's desire for companionship and promise high returns on investment in fake cryptocurrency ventures. The FTC advises individuals to be wary of unsolicited messages from strangers online, particularly those requesting money or cryptocurrency, and to verify the legitimacy of any investment opportunities before committing funds.

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