Beware of Romance Scams in the Cyber Age: How to Protect Yourself

Romance scams are on the rise in the cyber age, with scammers taking advantage of emotional connections formed on dating and social media sites to swindle victims out of millions of dollars. According to the Federal Trade Commission, the cost of romance scams reached over $547 million in 2021, with cryptocurrency payments being the most expensive method used by scammers.

The scams typically start with someone contacting you on a dating app or social media site, claiming to be an expert in cryptocurrency investments and promising huge profits. However, the FTC warns that no one can guarantee profits in any investment, and any claims of ‘no risk’ investments or promises to help you learn are red flags for a scam.

If you encounter a potential romance scammer, the best course of action is to cut off contact immediately, report them to the dating app or social media site, and file a report with the FTC at ReportFraud.ftc.gov. Stay vigilant and protect yourself from falling victim to these online scams.