Don’t swipe right: Crypto scams target dating app users, watchdog warns. What to know
Valentine’s Day is just around the corner, and scammers are out to break hearts — and wallets, a consumer watchdog group warns.
The Better Business Bureau is warning consumers to watch out for cryptocurrency scams targeting romantic hopefuls on Tinder and other dating apps. It’s the latest in a bag of tricks fraudsters are using to swindle online users in search of love.
The ruse typically begins with “swiping right” to match with an attractive individual on a dating app, according to the BBB. Your “potential partner” drums up conversation but quickly tries moving things offline to a texting app such as WeChat or WhatsApp.
Once there, the conversation turns from small talk to your new friend telling you about a relative of theirs who had success trading cryptocurrency. Don’t fall for it, the BBB warns.
“This person (allegedly) has inside trading information that could make you rich!” the watchdog group said. “Your new love interest encourages you to take advantage of this ‘exclusive opportunity.’ All you need to do is deposit money in a cryptocurrency trading platform. But once you make a deposit, the money is gone forever.”
You’ll soon find yourself “ghosted,” experts say, with your potential partner cutting off all communication.
Similar scams have been reported to the BBB, including a ruse that tricks victims into money laundering. One crypto scam victim reported on the BBB’s ScamTracker losing $1.9 million after connecting with a woman on Tinder.
“She is very endearing and loving, sending me pictures, good morning greetings ... ,” the person wrote. “She mentions that a side hobby is teaching her friends to make extra money. She starts talking about investing in cryptocurrencies.”
After some resistance, the victim caved and agreed to “invest $10,100 (using a crypto trading website), holding the investment for a bit, then withdrawing $5000.” This continued for several months, the victim said, only for the scammer to cut off all communication and the crypto trading site to suddenly go dark.
Romance scam red flags
So what’s the best way to protect yourself against crypto fraud and other romance scams?
The BBB advises consumers against sending money and personal information to someone you’ve never seen or met in person. Until then, all conversations should stay on the dating app where you first met.
“If a love interest appears to be in a hurry to get off the dating app to an unsecure chat app, that’s a red flag,” according to the BBB’s website.
It’s also important to do your homework on potential dates, the BBB said, by researching their dating profile and asking specific questions about it.
This story was originally published February 10, 2022 at 9:59 AM with the headline "Don’t swipe right: Crypto scams target dating app users, watchdog warns. What to know."