Tinder users are being warned about a new scam that could target their bank accounts.
Criminals find their way to people's wallets through their hearts via a ‘pig butchering’ scam, the FBI warned.
See also: Water Labbu group breaks into other hackers' crypto scam sites and "steals money"
What is the "pig butchering" scam?
“Pig butchering” refers to an investment scheme involving cryptocurrencies. In this scheme, scammers pose as highly successful cryptocurrency traders. They entice their victims to make “investments” in cryptocurrencies and then provide fraudulent returns to keep them invested.
However, the threatening actors go further with the scheme by cultivating romantic relationships with victims on dating apps such as Tinder.
See also: Sites promoting cryptocurrency giveaway scams tripled this year
The FBI explained: «Scammers contact their victims through various social media platforms or dating apps and communicate with them until they reach the point of gaining the victim’s trust».
"Victims are then guided through the investment process and encouraged to make ongoing deposits by the scammers."
"The fake websites/apps allow victims to track their investments and give the impression that they are growing exponentially."
Furthermore, when victims try to cash out their investments, they are told they have to pay income taxes, resulting in them losing more money.
A little later, the scammers disappear and the victims cannot find them.
"Many victims report receiving instructions to make wire transfers to overseas accounts or purchase large quantities of prepaid cards ," the FBI statement explains .
“The use of cryptocurrencies and cryptocurrency ATMs is an emerging payment method.”
To date, the individual losses associated with these systems range from tens of thousands to millions of dollars.
See also: Ukraine: Crypto scam group arrested
How to protect yourself
The FBI noted a few ways individuals can mitigate the risk of falling victim to scams. First, always check the validity of any investment opportunity from strangers on social networking sites. You should also be on the lookout for domain names that resemble legitimate financial institutions.
Finally, do not download or use apps for investments unless you can verify them.
Source of information: the-sun.com
