AARP Virginia Alert: Understanding Cryptocurrency Romance Scams

AARP Virginia warns about the rise of cryptocurrency romance scams, where scammers exploit emotional connections to manipulate victims into making financial investments. Key indicators of scams include unrealistic promises of profit and high-pressure tactics. Victims are encouraged to research investment opportunities and report scams to authorities for protection.

Cryptocurrency scams have notably increased in recent years, with billions lost each year. Romance scams significantly contribute to this rise by allowing scammers to forge strong emotional connections with victims, leading them to make questionable financial decisions. Victims may be persuaded by scammers claiming expertise in cryptocurrency, often suggesting lucrative investments.

If an individual, only known online, claims to be profiting from cryptocurrency and offers assistance to replicate this success, it is likely a scam. They may present false evidence or make enticing offers; nevertheless, the encouragement to invest along with promises of high returns signals a modern romance scam.

Scammers frequently create a sense of urgency, convincing victims that they might miss out on a valuable opportunity, which is another critical warning sign. To protect oneself, it is essential to conduct thorough research on any investment opportunities to confirm their legitimacy and understand the associated risks. The SEC’s website, www.investor.gov, is a recommended resource for investigating potential investments.

Become vigilant against fraud! The ability to identify scams is key to stopping them. Report any suspected scams to local authorities. For further assistance, AARP provides resources at 877-908-3360 or via their Fraud Watch Network at www.aarp.org/fraudwatchnetwork.