Federal officials warn investors about rising cryptocurrency scams tied to fake relationships on dating apps, social media, and networking sites. Scammers use these platforms to pose as romantic interests, old friends, or investment professionals, gradually earning their victims' trust before introducing fraudulent cryptocurrency investments. According to the FBI, consumers lost over $5 billion in crypto-related frauds in 2023, with relationship scams being the most prevalent. The scams typically involve a long con that builds a victim's trust over time, with the scammer requesting increasing amounts of money.
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00:00It's Benzinga, and here's what's on the block.
00:02Federal officials warn investors about rising cryptocurrency scams tied to fake relationships
00:08on dating apps, social media, and networking sites.
00:11Scammers use these platforms to pose as romantic interests, old friends, or investment professionals
00:17gradually earning their victims' trust before introducing fraudulent cryptocurrency investments.
00:22According to the FBI, consumers lost over $5 billion in crypto-related frauds in 2023,
00:28with relationship scams being the most prevalent.
00:31The scams typically involve a long con that builds a victim's trust over time, with the
00:36scammer requesting increasing amounts of money.
00:38For all things money, visit Benzinga.com.