The victim is informed additional taxes or fees need paid, or the minimum account balance has not been met to allow a withdrawal. After the victim has invested an initial amount on the platform and sees an alleged profit, the scammers allow the victim to withdraw a small amount of money, further gaining the victim's trust.Īfter the successful withdrawal, the scammer instructs the victim to invest larger amounts of money and often expresses the need to 'act fast.' When the victim is ready to withdraw funds again, the scammers create reasons why this cannot happen. The scammer directs the victim to a fraudulent website or application for an investment opportunity. The scammer gains the confidence and trust of the victim-through establishing an online relationship-and then claims to have knowledge of cryptocurrency investment or trading opportunities that will result in substantial profits.

The scammer's initial contact is typically made via dating apps and other social media sites. From JanuJuly 31, 2021, the FBI Internet Crime Complaint Center (IC3) received over 1,800 complaints, related to online romance scams, resulting in losses of approximately $133,400,000. The FBI warns of a rising trend in which scammers are defrauding victims via online romance scams, persuading individuals to send money to allegedly invest or trade cryptocurrency. Scammers Defraud Victims of Millions of Dollars in New Trend in Romance Scams

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