Greg's Corner

Crypto-Romance scam runs rampant among retirees

By Greg Collier

When we think of Florida, we often think of retirees, since Florida is one of the most popular states to retire to. And since Florida has so many retirees, scammers see the Sunshine State as an easy target. Recently, Florida has seen an uptick in romance scams that involve the victim thinking they’re investing their savings into cryptocurrency. It’s called the pig butchering scam, and it has cost its Florida victims hundreds of thousands of dollars each. It’s called that because the victims are seen as pigs who the scammers ‘raise’ until it’s time to lead the victim to financial slaughter.

The scam typically begins when the victim establishes a relationship with a potential romantic partner through a dating platform or social media. The scammer will keep the victim interested and eventually offer to help them make money by investing in cryptocurrency. The victim is then directed to a cryptocurrency exchange that is controlled by the scammers. They are instructed to invest their money into the exchange, which the scammer will claim has generated substantial returns. However, when the victim attempts to withdraw their funds, they are informed that they need to pay additional fees in order to receive their returns. This pattern of demands for more money continues until the victim either runs out of funds or realizes that they are being scammed.

Recently, a retiree from Port St. Lucie, Florida came forward to local media after losing $250,000 to this scam. He though ht had entered into an online relationship with a woman. The scammer cultivated the relationship before asking the man if he wanted to make money through cryptocurrency. After losing the $250,000, the scammer cut off all communication with the man, now he’s in danger of losing his home.

The best way to protect yourself from this scam is to avoid anyone offering to help you make money through cryptocurrency, especially if you’ve never met them in person. Cryptocurrency markets are so volatile that even legitimate investments can disappear quickly. Plus, cryptocurrency is a preferred method of payment for scammers and other cybercriminals.

Even though this scam has a fancy name, at its heart it’s still a romance scam. If you develop an online relationship and your online partner starts asking for money, they’re more than likely a scammer. If the person has provided you with photos, try using reverse image search to see if the photos have been used elsewhere on the internet. Romance scammers often use photos of other people to create fake identities.

Romance scammers often ask their victims for money or personal information, such as bank account details, credit card numbers, or social security numbers. Be suspicious of anyone who makes these requests, especially if you have not met them in person.