Cryptocurrency scammers target Canadian singles on dating app
Cryptocurrency scammers are aggressive Target Canadians on dating apps and websites, Many romantics suffer financial losses.
According to recent observations from the Canadian Anti-Fraud Center (CAFC): ‘Pig slaughter’ fraud surges Scammers build trust with their victims through romance and then lure them into investing in fake cryptocurrency schemes.
In a joint warning, CAFC and the Canadian Investment Regulatory Organization (CIRO) highlighted the following points: These scams are becoming increasingly sophisticated, especially those that rely on long-term online interactions.
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Typically, scammers start contacting you on a dating platform and soon Ask the target to switch the conversation to a private messaging service.
Authorities advised Canadians to: Be wary of anyone discussing cryptocurrency trading or investment opportunities online. And explained:
Scammers may try to befriend the victim, develop an online romance, or pose as a legitimate investment advisor. Over time, the scammer offers to invest in opportunities related to cryptocurrency assets, and once a significant amount of money or cryptocurrency is transferred, the scammer suddenly stops contacting you.
Scammers lure victims with cryptocurrency investment schemes. Promises unrealistically high returns. At first the victim Small withdrawals were allowed to give the appearance of legitimacy. However, they soon find their way to a fraudulent investment platform. You end up losing access to your funds After your identity is compromised.
CAFC and CIRO urge Canadians to: Report such fraud to both organizations and your local police.
Highlighting the severity of the problem, the report states: In 2023 alone, Canadians lost $309.4 million to investment fraud. Social media-related fraud accounted for $172 million of the total. Therefore, as cryptocurrency scams continue to increase, we urge you to remain vigilant and report any suspicious activity.
Meanwhile, in the United States, two people were recently arrested on suspicion of orchestrating a massive money laundering scheme involving a ‘pig slaughter’ scam that resulted in losses of $73 million.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst who delivers data-driven and fact-based content as well as speaking to both Web3 natives and industry newcomers.
Aaron is our go-to guy for all things digital currency. With a huge passion for blockchain and Web3 education, Aaron is working to transform the space as we know it and make it more accessible to complete beginners.
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