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14 Feb 2022

FBI Warns against Mounting Crypto Scams during Valentine’s Week

The Index Today

The Federal Bureau of Investigation (FBI) has issued a statement warning the public of an increase in romantic scams during Valentine’s week, the newest one centered on digital assets, particularly cryptocurrencies.

The FBI also revealed that “victims within the FBI San Francisco division’s territory lost more than $64 million to romance scams compared to just over $35 million in 2020.”

According to Cointelegraph, these romance scams entail investment fraud. Scammers create fake online accounts in a bid to gain the trust of unsuspecting users. Thereafter, they cajole them into investing in various crypto schemes which initially allow them to make profits, but would eventually swindle them of their savings by directing them to fraudulent cryptocurrency exchange websites.

The CEO of Binance, Changpeng Zhao, has also warned users of major crypto phishing scams that have been operating via SMS of late, containing malicious website links used to extract private login information.

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