According to an analysis conducted by Bankless Times, cryptocurrencies have grabbed the attention of a significant chunk of America’s population. However, scammers have used this growing popularity to con people in various methods. Romance scams are among the most employed technique since US citizens have parted with $185 million due to such schemes between January 2021 and March 2022.
‘The Heart Is Not so Smart’
Fraudulent schemes involving digital assets have emerged as a concern in numerous countries across the globe. A recent Federal Trade Commission (FTC) report estimated that such scams had affected 46,000 Americans between January 2021 and March 2022, while those victims parted with over $1 billion worth of crypto.
Bankless Times further observed that $185 million was lost due to romance schemes. Criminals often target lonely individuals by pretending they are interested in love affairs with them. They develop intimate online contacts with their victims and create trust before stealing some of their funds. Jonathan Merry – Bankless Times CEO – explained in detail how the scheme works:
“Victims of romance scams learn that the heart is not so smart the hard way. Their search for love makes them easy pickings for conniving individuals that dupe them out of their money. They put on an elaborate con that has their victims swooning over them, and by the time the victim catches on, they’ll be several thousand dollars poor.”
Bankless Times…
