It’s often said that con artists are the best romantics. This claim isn’t far from the truth, as scammers are deeply motivated to lure their victims so effectively that they willingly hand over their savings. A novice scammer risks quick exposure, so in this game, declarations of love must be utterly convincing.

Law enforcement faces a tough battle against these love-obsessed fraudsters, as it’s hard to reason with a heart caught in the throes of passion. Love, after all, is often blind. Adding to the challenge, the rise of cryptocurrencies has made these “Don Juans” harder to catch. The best approach remains a familiar one: raising awareness and arming potential victims with knowledge to protect their hearts and crypto-wallets. So, how can people defend themselves? Read on to find out.

A Simple Yet Effective Scheme

At first glance, it may seem like everything about romance scams has been said, illustrated by examples, and covered in detail. The 2022 documentary *The Tinder Swindler* by Felicity Morris helped bring awareness to this issue. Yet theory without practice is quickly forgotten: by 2024, Lloyds Bank researchers reported a 23% increase in romance scam victims.

With Web3 expanding into daily life and the economy shifting toward digital, decentralized formats, scammers now have the advantage. They can pull off scams from their couch: one app for dating, the other for crypto assets.

How Scammers Operate

This scheme uses two key tactics: leveraging a victim’s emotional vulnerability and taking advantage of the volatile crypto market. These factors feed on a victim’s insecurities, the desire for love and wealth, and the fear of losing both.

Recognizing a seasoned romance scammer can be difficult, but here are some warning signs:

Quick declarations of love. If a new suitor is professing their undying love or saying things like, “I’ve been searching for someone like you all my life,” it’s wise to be cautious. Love at first sight is rarer than online fraud.

Future plans right away. The scammer will often start talking about a shared future to create an emotional bond. Many people come to dating sites feeling lonely or hopeful for a fairy-tale romance, and such messages can initially feel like a dream come true.
Avoidance of in-person meetings. Instead, they’ll share emotional stories, setting the stage with tales of temporary financial issues, a sick relative needing expensive treatment, or some unfortunate incident.
Praise for crypto investments. Once the scammer senses emotional attachment, they may introduce “investment opportunities” in crypto. Posing as an expert, they’ll share fabricated success stories and push for immediate investments. By this stage, the smitten victim may not see the signs of deception, eventually transferring funds into the scammer’s hands. To sustain the illusion, the scammer might even send fake reports, charts, or screenshots showing supposed profits.

Eventually, the scammer will disappear, taking all the money with them.

Other Red Flags

Here are some additional signs to look out for:

Unique crypto strategies. If a new acquaintance is offering “insider tips” or “unique methods” for crypto investing, proceed with caution.

Requests for large sums. If the relationship shifts toward loans or financial issues requiring large sums, this is a red flag.

Account discrepancies. When asked to transfer money, carefully check the account details. This small verification step can prevent a costly mistake.

Conclusion

Crypto scammers have grown increasingly sophisticated, with progressive technology and the anonymity of decentralized platforms at their disposal. For online dating app users, extra vigilance is essential: in the online world, scams far outnumber real romance.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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