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As if dating wasn't difficult enough already! Cryptocurrency scams target people on popular dating sites and apps, such as Tinder. Don't let your quest for love blind you to red flags.
How the scam works
You “swipe right” on an attractive man or woman on a dating app, and the app instantly matches you with them. After starting up a conversation, the alleged mate quickly takes the conversation off the platform and to a texting app, such as WhatsApp or WeChat.
Once on the texting app, the scammer starts talking about how they have a family member who is a successful cryptocurrency investor. This person has inside trading information that could make you rich! 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. Or, you may be asked to pay large fees or meet certain minimum balance requirements to withdraw funds. Your new “love” blocks you on all platforms and stops replying to your messages.
In a recent BBB Scam Tracker report, a consumer shared that they met the scammer on Tinder and talked on WhatsApp. After gaining the consumer's trust, the scammer introduced them to investing in gold via dcmmarkets.com in addition to Coinbase. The consumer reported that when trying to withdraw funds after the investments took place, the app's customer service told the consumer they must pay 20% in fees. "The fraudulent platform investment opportunity is often designed to appear legitimate and usually produces artificial gains to keep me engaged in the platform, and I started depositing more funds. However, when I felt he was pushy for more funds, he offered to deposit 30,000.00 and added it to my account in the OTC. That is why I believed him, but I told him to stop when he asked for more. I wanted my money back and could never withdraw my funds from the site. The customer service said I had to deposit 20% more to a different account for hefty fees. Before withdrawing my funds, he asked me about his money and threatened to sue me."
In another BBB Scam Tracker report, the consumer stated meeting the scammer on Tinder and continued their relationship on WhatsApp. The scammer introduced the consumer to forex trading where initial small investments yielded returns, leading to larger deposits totaling over $84,000. When attempting to withdraw funds, the site demanded $60,213 in taxes. Partial payments were made, but further funds were requested. The site became inaccessible, but customer service on WhatsApp remains active. The consumer suspects the entire operation, including Raymond, is a scam.
One victim also reported to BBB Scam Tracker that after talking to a woman on Tinder, she persuaded him to invest on a fake trading cryptocurrency platform. When he tried to withdraw his money, the funds were automatically reversed back into his account. The feature was allegedly a "system security" to help prevent money laundering. The victim was then told the account needed to have a minimum balance of $3,000 before he could withdraw funds. After trying several times, the victim was unable to recoup his money.
Protect yourself from this scam
- Never send money or personal information to someone you’ve never met in person. If they continue to pressure you to invest on a crypto trading platform, research the investment platform first.
- Communicate on the dating app. If a love interest appears to be in a hurry to get off the dating app to an unsecure chat app, that is a red flag.
- Ask specific questions about details given in a profile. A scammer may stumble over remembering details or making a story fit.
- Research the dating profile. Many scammers steal photos from the web to use in their profiles. Conduct a reverse image lookup using a website like tineye.com or images.google.com to see if the photos on a profile are stolen from somewhere else. Search online for a profile name, email, or phone number to see what adds up and what doesn’t. Report what you find to the dating app.
- Be wary of fast-moving relationships. Scammers often rush to build trust and move the conversation off dating platforms to private channels like WhatsApp or email.
- Verify investment opportunities. Research any trading platform or investment opportunity independently. Look for reviews, warnings, and whether the platform is registered with financial regulatory authorities.
For more information
Learn about money mule scams on the Federal Bureau of Investigations website. Also, read about a romance scam that tricked victims into sending CARES Act money.
In Canada, people are asked to report crypto fraud to their provincial securities commission, the Canadian Securities Administrators. Crypto scams can also be reported to the Canadian Anti-Fraud Centre.
If you’ve been the victim of a scam, please report it to BBB Scam Tracker. Your report can help others to stay alert and avoid similar scams.
Check out BBB's cryptocurrency tips and learn how to protect yourself from cryptocurrency scams.
Read BBB's tip on choosing a dating service.