Home Romance & Dating Scam: Newest Online Fraud

Romance & Dating Scam: Newest Online Fraud

Share
Share
By Sandeep Kasalkar

An online romance scam is a type of cybercrime in which criminals create a fictitious but often extremely detailed and convincing online identity that includes a name, location, photograph, profession, and other details. The scammer joins a dating site or social media platform as the imposter they’ve created, sometimes targeting an unsuspecting person’s cryptocurrency. These crypto scammers form a relationship with their target person and pretend to fall in love with them, gaining their trust and then robbing them of their cryptocurrency. This can amount to their entire life savings for some romance scam victims.

As you might expect, this type of fraudster is not looking for a relationship at all. The scammer usually wants money, and they may want it in cryptocurrency. These relationships typically continue online, and the romance ends when the abused person realizes it’s all a scam and cuts off their perpetrator. Because the victim’s actions are usually voluntary, there is far less recourse for justice than in most theft or crime. Unfortunately, romance scams account for 24% of all social media fraud and are becoming more prevalent.

Victims of Dating and Romance Scams: Social Engineering

Social engineering attacks include dating and romance scams. Their methods rely on psychological manipulation tactics to exploit human vulnerabilities rather than technical hacking prowess to exploit structural weaknesses in a network or computer code.

Many romance scammers also work in groups, with each member of the group performing a different behind-the-scenes function. Team members could, for example, assist the original perpetrator by pretending to work at a bogus cryptocurrency exchange help desk or customer service department, ostensibly to assist the victim in reclaiming their cryptocurrency. Other romance scammer techniques include impersonating a friend or relative of the perpetrator who is ill and in need of money, and so on.

The scammer has most likely spent time and effort researching their victim on dating apps or other forms of social media. They’re only interested in stealing as much money as they can from a victim, so they’ll often take their time and maintain the relationship as long as the target is sending crypto.

Share

Latest News

Harvard Cuts Bitcoin ETF Exposure & Exits Ethereum ETF Holdings
News

Harvard Cuts Bitcoin ETF Exposure & Exits Ethereum ETF Holdings

Harvard University has lowered its exposure to cryptocurrency ETFs by cutting its stake in BlackRock’s iShares Bitcoin Trust ETF and fully selling...

Donald Trump Administration Officials Hold Nearly $193M In Crypto Assets
News

Donald Trump Administration Officials Hold Nearly $193M In Crypto Assets

A new analysis from The Washington Post found that officials and nominees linked to Donald Trump’s administration together hold at least $193...

Iran's Reported Bitcoin-based Hormuz Insurance Plan Sparks Global Debate
News

Iran’s Reported Bitcoin-based Hormuz Insurance Plan Sparks Global Debate

Recent reports from Iran have sparked speculation in crypto and energy markets after claims that the country may introduce an insurance system...

Grayscale Investments & VanEck Move Closer To Spot BNB ETF Launch In US
News

Grayscale Investments & VanEck Move Closer To Spot BNB ETF Launch In US

Grayscale Investments and VanEck have moved closer to launching spot BNB exchange-traded funds in the US by filing updated S-1 registration statements...

Latest Blogs

How To Spot The Next Big Memecoin

Inspired by online jokes and viral trends, memecoins are the not-so-serious and rather amusing part of digital coins that thrive on community...

AI & Web3: New Age Careers With High Income Potential?

The smartest move going forward right now is to build a career in next generation internet, AI and Web3. The good news...

Art Of Becoming A Memecoin Master & Staying Ahead

Within the cryptocurrency market, memecoins are a more lighthearted and entertaining segment. They are created from online comedy, viral trends, and jokes....

“Click, Token, Own!” Why RWA Is The Future Of Finance?

A financial revolution, RWA tokenization bringing real-world assets onto blockchain RWA tokenization increases accessibility, quickness and transparency, pushing markets to expand rapidly,...

Related Articles

How To Spot The Next Big Memecoin

Inspired by online jokes and viral trends, memecoins are the not-so-serious and...

AI & Web3: New Age Careers With High Income Potential?

The smartest move going forward right now is to build a career...

Art Of Becoming A Memecoin Master & Staying Ahead

Within the cryptocurrency market, memecoins are a more lighthearted and entertaining segment....

“Click, Token, Own!” Why RWA Is The Future Of Finance?

A financial revolution, RWA tokenization bringing real-world assets onto blockchain RWA tokenization...