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ARTICLE · 25 MAY 2022

Looking For Cryptocurrency In All The Wrong Places . . .

Allen Matkins Leck Gamble Mallory & Natsis LLP
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Last Friday, the Department of Financial Protection & Innovation issued a warning about "romance scams and cryptocurrency". This warning is similar to one issued this month...

United StatesTechnology

"But love is blind and lovers cannot see the pretty follies that themselves commit"

Last Friday, the Department of Financial Protection & Innovation issued a warning about "romance scams and cryptocurrency". This warning is similar to one issued this month by the North American Securities Administrators Association (NASAA). The DFPI describes the modus operandi of the romance scammer:

Fraudsters develop fake online profiles on dating apps and other social media sites like Facebook and Instagram. They then reach out to people on the apps and attempt to develop a relationship. The scammer may claim to live in another country, but they are interested in meeting and taking the relationship to another level. They may also suggest you move your "relationship" to a private channel like email or a chat app. When the time is right, the fraudster poses an urgent request for money, and requests you send money via gift cards, prepaid debit cards, or cryptocurrency.

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