Romance scams with a cryptocurrency twist – new research from SophosLabs – Naked Security

Unfortunately, we have needed to write and warn about romance scams and romantic scammers many times in recent years.

In fact, in February 2021, we published an article titled Romance scams at all-time high: here’s what you need to know, following a report from the US Federal Trade Commission (FTC), America’s official consumer protection watchdog, warning that that romantic scammers are making more money than ever before.

Victims in the United States were cheated out of more than $ 300 million in 2020, up from $ 200 million in 2019.

Conventional romance scams are what we often refer to as “long game” confidence tricks, where someone you meet online, typically on a dating site, manages to convince you: [a] that they are a real person with the life story they claim; [b] that they are love for you; and most importantly, [c] that you are in love with them.

After weeks, perhaps months of careful groundwork, the illusory lover turns the talk against money and gradually convinces you to get rid of more and more of it thanks to an ever-evolving array of cuddles, assaults and excuses that practiced cybercams can sometimes sustain for weeks, months or even years.