The Commodity Futures Trading Commission advises the public to avoid offers to trade foreign currency contracts (forex), precious metal contracts, and digital assets with people they meet through dating apps or social media, even if the relationship has been building for weeks or months.
Romance scams can target people of any age, including individuals who are comfortable using online dating apps and trading forex, precious metals, and digital assets. The CFTC has received complaints about frauds that originated on dating apps and social media platforms. In many cases, the victims believed they were in romantic relationships that had formed over several weeks. These frauds are often conducted by people and entities outside the United States and use unregistered trading websites or third-party trading software.
Two Deceptions
Initial contact is made through dating apps, social media, or “wrong numbers” made through private messaging apps. The fraudsters commonly pose as executives, business owners, or successful financiers and use extensive social media personas to support their stories. They often share pictures of home-cooked meals and pets, and research the cities they’re supposedly from so they can reference restaurants and other sites. In a short amount of time, they are calling or texting daily, and using endearing language, but are too shy or unable to video chat or meet in person.
Over a few…
