Greg's Corner

$2.3 million lost to romance scam

By Greg Collier

The romance scam is when criminals create fake online profiles to gain the trust of their victims, usually with the intention of deceiving them out of money or personal information. The scammer will often build a relationship with the victim over time, using flattery, emotional manipulation, and even fake photos and identities to gain their trust. Once the scammer has established a relationship with the victim, they will typically request money or personal information, such as bank account or credit card details. Romance scams can be particularly devastating because victims may feel embarrassed or ashamed, and may not report the crime to authorities.

There’s even a more specific version of the romance scam that is known as the ‘pig butchering’ scam in certain circles. It’s called that because the victims are seen as the pigs that the scammers ‘raise’ before leading them to the financial slaughterhouse. In that scam, after the scammer has gained the victim’s confidence, they’ll advise the victim to invest in cryptocurrency.

The victim is directed to a cryptocurrency exchange operated by the scammers. The victim is asked to pay the exchange for their investment, and is later informed that their investment has generated a significant return. However, when the victim attempts to withdraw their money, the exchange informs them that they need to pay additional fees to access their returns. This cycle may persist until the victim runs out of funds or becomes aware that they are being deceived.

We often say it doesn’t matter what your education level or socioeconomic status is. Everyone has a scam with their name on it. There are so many scams affecting people today and so many new ones being created that anybody can fall for one scam or another.

That’s what happened to a wealthy woman from Southern California. She met a man through a dating platform that only caters to the rich. Users of the platform have to verify their identity by submitting their driver’s license along with their tax return. As secure as that sounds, that didn’t stop from romance scammers from accessing the platform.

The scammer posed as a successful businessman from New York. It didn’t take the scammer long to convince his victim to invest in cryptocurrency. She was directed to a fake cryptocurrency platform where she thought she was getting substantial returns on her investment. Except her investments were being pocketed by her supposed new beau. Before it was all over, she had invested $2.3 million.

The victim realized there were red flags after she realized she had been scammed. The man she thought was her boyfriend would never video chat with her and would only chat through a messaging app. A reverse image search uncovered that the picture the scammer sent her was stolen from an actual New York businessman.

To protect yourself from this type of scam, it’s important to avoid individuals who offer to help you earn money through cryptocurrency, particularly if you have not met them in person. Cryptocurrency markets can be extremely volatile, which means even legitimate investments can quickly turn into losses. Furthermore, scammers and cybercriminals often prefer cryptocurrency as a payment method.

It’s worth noting that despite having a distinct name, this scam is ultimately a variation of a romance scam. If you develop an online relationship with someone who starts requesting money, it’s highly probable that they are a scammer. If the person has shared photos with you, consider conducting a reverse image search to see if these photos have been used elsewhere on the internet. Romance scammers frequently use other people’s photos to construct fake identities.