Crypto scammers are aggressively targeting Canadians on dating apps and websites, leaving many romantics with financial losses.
Recent observations from the Canadian Anti-Fraud Centre (CAFC) reveal a spike in “pig butchering” scams, where scammers build trust with victims through romance and then lure them into investing in fake crypto schemes.
In a joint warning, the CAFC and the Canadian Investment Regulatory Organization (CIRO) highlighted the increasing sophistication of these scams, especially those relying on long-term online interactions.
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Typically, scammers initiate contact on dating platforms and soon ask their targets to shift the conversation to private messaging services.
Authorities have advised Canadians to remain cautious of anyone discussing crypto trading or investment opportunities online and explained:
Fraudsters may try to befriend the victim, develop an online romance, or pose as legitimate investment advisers. Over time, the scammer will suggest investing in an opportunity, often involving crypto assets, and once a substantial amount of money or crypto is sent, the scammer abruptly ceases contact.
Scammers attract victims with crypto investment schemes promising unrealistically high returns. Initially, victims are allowed to withdraw small amounts to give an appearance of legitimacy. However, they are soon directed to fraudulent investment platforms where their funds are eventually inaccessible after their identities are compromised.
The CAFC and CIRO urge Canadians to report such fraud to the two organizations and the local police.
Highlighting the severity of the issue, reports indicate that in 2023 alone, Canadians lost $309.4 million to investment frauds, with social media-related scams accounting for $172 million of the total. Therefore, they are urged to stay vigilant and report any suspicious activities as crypto scams continue to rise.
Meanwhile, in the US, two individuals have recently been arrested for orchestrating a massive money laundering scheme involving “pig butchering” scams, resulting in losses of $73 million.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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