Romance and Crypto Investment Scams: Warning Signs

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Romance scam chat with hearts leading to a fake crypto investment chart with rising profits, ending in lost money marked with a red X

Some of the most damaging online scams do not begin with a threat. They begin with a friendly message, a flirty chat or a stranger who seems to have found the secret to making money. Over days or weeks, trust grows. Then comes a request for money, or an invitation to "invest."

This guide explains how romance scams and cryptocurrency investment scams work, using guidance from the Federal Trade Commission (FTC), the FBI's Internet Crime Complaint Center (IC3) and the FDIC. You will also find practical rules for protecting yourself and steps to take if you have already sent money.

How Romance Scams Work

The FTC describes a familiar pattern. You meet someone on a dating site or app, or they contact you on a social network such as Instagram or Facebook. Soon they want to move the conversation off the platform. They say it is true love, but they live far away, perhaps for work or military service. They may chat with you several times a day to build trust. Then they invent a reason for needing money. The FTC's page on romance scams has more examples.

The FTC lists lies scammers commonly use:

  • They cannot meet in person, because they are traveling, working abroad, on an oil rig, in the military or with an international organization.
  • They need money for medical expenses, a plane ticket to visit you, a visa, or fees to get out of trouble.
  • They may offer to help you start investing in cryptocurrency.
  • They tell you how to pay, often in ways that are hard to trace or reverse, such as wire transfers, gift cards, money transfer apps or cryptocurrency.

The FTC's bottom line is simple: never send money or gifts to a sweetheart you have not met in person.

How Crypto Investment Scams Work

The FBI's IC3 has warned about a scheme it calls "pig butchering." Fraudsters posing as successful cryptocurrency traders entice victims to make supposed investments, showing fictitious returns to encourage more deposits. Contact often starts on social media or dating apps, either by pretending to be a long-lost contact or by posing as a potential friend or romantic partner. The FBI's IC3 has also published a public service announcement on cryptocurrency investment schemes.

The IC3 says victims are coached through the investment process and encouraged to make continuous deposits. Fake websites and apps show balances growing quickly. When victims try to cash out, they are told to pay income taxes or extra fees, which means further losses. The scammers then close the site or stop responding.

The FTC gives a matching description. An "investment manager" contacts you unexpectedly and promises to grow your money if you buy cryptocurrency and transfer it to their platform. The site looks real, but it is fake. If you try to withdraw, you cannot, or only after paying high fees. The FTC also says scammers may contact you through Facebook, LinkedIn or WhatsApp, and that unexpected messages about investing on social media almost always lead to scams.

The Red Flags

Fake stores use similar tricks; see common online shopping scams.

  • A stranger or new online "friend" brings up investing, crypto or a trading platform.
  • They guarantee profits. The FTC says all investments carry risk and nobody can guarantee returns, and that there is nothing low risk about cryptocurrency investments.
  • Someone you only know online asks for money, gifts or financial information.
  • They insist on payment by crypto, wire transfer, gift card, cryptocurrency ATM or prepaid cards.
  • They steer you to an unfamiliar website or app to "invest," especially with a slightly misspelled web address. The IC3 lists misspelled URLs and look-alike domains as things to watch for.
  • You cannot withdraw, or you are asked to pay "taxes" or "fees" first.
  • They refuse to video chat or meet, or their photos seem too perfect. The FTC suggests doing a reverse image search of the profile picture to see whether it belongs to someone else.
  • Testimonials and celebrity endorsements. The FTC says these are easily faked.

Rules That Protect You

  1. Never mix online dating and money. The FTC says that if someone you meet on a dating site or app asks you to send crypto, or offers to help you invest, it is a scam.
  2. Move slowly. A genuine person will not mind if you need time, ask a friend, or want to meet first.
  3. Tell someone you trust. The FTC advises talking to someone you trust, such as friends or family, if you suspect a romance scam, and asking whether they are concerned about your new love interest.
  4. Research the person and the platform. The FTC suggests searching for the person's claimed job plus the word "scammer," and searching the company name with words such as "review," "scam" or "complaint."
  5. Verify investments independently. The U.S. Securities and Exchange Commission (SEC) runs Investor.gov, which the FTC points to for investing advice and fraud warnings. Check with a regulator, not with the person who is pitching you.
  6. Treat unexpected messages with suspicion. If someone you do not know messages you about an investment, do not reply.
  7. Limit what you share. Scammers use details from your profile to tailor the story. Review your privacy settings and be careful with photos and personal information.

If You Already Sent Money

Act quickly and do not be embarrassed. These schemes are run by organized, practiced criminals.

  1. Stop communicating and send nothing more. The FBI advises not paying additional "fees" or "taxes" to withdraw.
  2. Contact the company you used to send the money. The FTC says to tell the bank, card company, payment app, wire service or crypto exchange that you paid a scammer and ask them to reverse the payment or refund your money. It warns that cryptocurrency payments lack the legal protections of credit and debit cards, so recovery can be hard, although some states have passed laws that might help.
  3. Report to the FBI's IC3 at ic3.gov. The IC3 asks for details such as how the person contacted you, names, phone numbers, usernames, payment dates, amounts, account numbers, wallet addresses and receiving institutions. Gather screenshots and receipts first.
  4. Report to the FTC at ReportFraud.ftc.gov, and to the platform where you met the scammer. For investment fraud the FTC also points to the SEC at sec.gov/tcr.
  5. Beware of recovery scams. The FDIC warns that scammers target people who recently lost money, asking for an upfront payment to investigate or recover losses. Do not pay anyone who promises to get your money back.
  6. Protect your accounts. If you shared passwords, financial details or ID documents, change passwords, turn on two-factor authentication, and read our identity theft recovery guide. Consider a credit freeze.

Helping a Friend or Relative

If someone you care about seems to be in one of these relationships, avoid accusations. Ask open questions, share the FTC and IC3 descriptions, and suggest they run a reverse image search together with you. Shame makes people defend the scammer, but curiosity makes them think. Our guide to protecting kids and older parents from online scams has tips for these conversations.

Frequently Asked Questions

Are all online relationships scams?

No. Many people meet safely online. The warning sign is not meeting online but being asked for money, or for investment and crypto help, by someone you have never met in person.

What is "pig butchering"?

The FBI's IC3 uses the term for cryptocurrency investment schemes where scammers build trust and then coax victims into repeated "investments" on fake platforms.

Can I get my crypto back?

Often it is very difficult. The FTC says crypto payments generally cannot be reversed like card payments, but you should still report it immediately to the exchange or ATM operator and to law enforcement.

Is a real-looking trading app proof of legitimacy?

No. The IC3 says fake websites and apps are built to show growing balances that are not real.

Should I pay a fee to withdraw my money?

No. The IC3 describes requests for taxes or fees at withdrawal as part of the scheme.

Related Guides

Conclusion

Romance and crypto investment scams succeed because they feel personal. The defense is a short list of rules: do not send money to people you have not met, do not take investment advice from strangers, be suspicious of any guaranteed return, and verify everything independently. If you have been targeted, stop contact, call your bank or payment provider, and report to IC3 and the FTC.

Some of the most damaging online scams do not begin with a threat. They begin with a friendly message, a flirty chat or a stranger who seems to have found the secret to making money. Over days or weeks, trust grows. Then comes a request for money, or an invitation to "invest."

This guide explains how romance scams and cryptocurrency investment scams work, using guidance from the Federal Trade Commission (FTC), the FBI's Internet Crime Complaint Center (IC3) and the FDIC. You will also find practical rules for protecting yourself and steps to take if you have already sent money.

How Romance Scams Work

The FTC describes a familiar pattern. You meet someone on a dating site or app, or they contact you on a social network such as Instagram or Facebook. Soon they want to move the conversation off the platform. They say it is true love, but they live far away, perhaps for work or military service. They may chat with you several times a day to build trust. Then they invent a reason for needing money. The FTC's page on romance scams has more examples.

The FTC lists lies scammers commonly use:

  • They cannot meet in person, because they are traveling, working abroad, on an oil rig, in the military or with an international organization.
  • They need money for medical expenses, a plane ticket to visit you, a visa, or fees to get out of trouble.
  • They may offer to help you start investing in cryptocurrency.
  • They tell you how to pay, often in ways that are hard to trace or reverse, such as wire transfers, gift cards, money transfer apps or cryptocurrency.

The FTC's bottom line is simple: never send money or gifts to a sweetheart you have not met in person.

How Crypto Investment Scams Work

The FBI's IC3 has warned about a scheme it calls "pig butchering." Fraudsters posing as successful cryptocurrency traders entice victims to make supposed investments, showing fictitious returns to encourage more deposits. Contact often starts on social media or dating apps, either by pretending to be a long-lost contact or by posing as a potential friend or romantic partner. The FBI's IC3 has also published a public service announcement on cryptocurrency investment schemes.

The IC3 says victims are coached through the investment process and encouraged to make continuous deposits. Fake websites and apps show balances growing quickly. When victims try to cash out, they are told to pay income taxes or extra fees, which means further losses. The scammers then close the site or stop responding.

The FTC gives a matching description. An "investment manager" contacts you unexpectedly and promises to grow your money if you buy cryptocurrency and transfer it to their platform. The site looks real, but it is fake. If you try to withdraw, you cannot, or only after paying high fees. The FTC also says scammers may contact you through Facebook, LinkedIn or WhatsApp, and that unexpected messages about investing on social media almost always lead to scams.

The Red Flags

Fake stores use similar tricks; see common online shopping scams.

  • A stranger or new online "friend" brings up investing, crypto or a trading platform.
  • They guarantee profits. The FTC says all investments carry risk and nobody can guarantee returns, and that there is nothing low risk about cryptocurrency investments.
  • Someone you only know online asks for money, gifts or financial information.
  • They insist on payment by crypto, wire transfer, gift card, cryptocurrency ATM or prepaid cards.
  • They steer you to an unfamiliar website or app to "invest," especially with a slightly misspelled web address. The IC3 lists misspelled URLs and look-alike domains as things to watch for.
  • You cannot withdraw, or you are asked to pay "taxes" or "fees" first.
  • They refuse to video chat or meet, or their photos seem too perfect. The FTC suggests doing a reverse image search of the profile picture to see whether it belongs to someone else.
  • Testimonials and celebrity endorsements. The FTC says these are easily faked.

Rules That Protect You

  1. Never mix online dating and money. The FTC says that if someone you meet on a dating site or app asks you to send crypto, or offers to help you invest, it is a scam.
  2. Move slowly. A genuine person will not mind if you need time, ask a friend, or want to meet first.
  3. Tell someone you trust. The FTC advises talking to someone you trust, such as friends or family, if you suspect a romance scam, and asking whether they are concerned about your new love interest.
  4. Research the person and the platform. The FTC suggests searching for the person's claimed job plus the word "scammer," and searching the company name with words such as "review," "scam" or "complaint."
  5. Verify investments independently. The U.S. Securities and Exchange Commission (SEC) runs Investor.gov, which the FTC points to for investing advice and fraud warnings. Check with a regulator, not with the person who is pitching you.
  6. Treat unexpected messages with suspicion. If someone you do not know messages you about an investment, do not reply.
  7. Limit what you share. Scammers use details from your profile to tailor the story. Review your privacy settings and be careful with photos and personal information.

If You Already Sent Money

Act quickly and do not be embarrassed. These schemes are run by organized, practiced criminals.

  1. Stop communicating and send nothing more. The FBI advises not paying additional "fees" or "taxes" to withdraw.
  2. Contact the company you used to send the money. The FTC says to tell the bank, card company, payment app, wire service or crypto exchange that you paid a scammer and ask them to reverse the payment or refund your money. It warns that cryptocurrency payments lack the legal protections of credit and debit cards, so recovery can be hard, although some states have passed laws that might help.
  3. Report to the FBI's IC3 at ic3.gov. The IC3 asks for details such as how the person contacted you, names, phone numbers, usernames, payment dates, amounts, account numbers, wallet addresses and receiving institutions. Gather screenshots and receipts first.
  4. Report to the FTC at ReportFraud.ftc.gov, and to the platform where you met the scammer. For investment fraud the FTC also points to the SEC at sec.gov/tcr.
  5. Beware of recovery scams. The FDIC warns that scammers target people who recently lost money, asking for an upfront payment to investigate or recover losses. Do not pay anyone who promises to get your money back.
  6. Protect your accounts. If you shared passwords, financial details or ID documents, change passwords, turn on two-factor authentication, and read our identity theft recovery guide. Consider a credit freeze.

Helping a Friend or Relative

If someone you care about seems to be in one of these relationships, avoid accusations. Ask open questions, share the FTC and IC3 descriptions, and suggest they run a reverse image search together with you. Shame makes people defend the scammer, but curiosity makes them think. Our guide to protecting kids and older parents from online scams has tips for these conversations.

Frequently Asked Questions

Are all online relationships scams?

No. Many people meet safely online. The warning sign is not meeting online but being asked for money, or for investment and crypto help, by someone you have never met in person.

What is "pig butchering"?

The FBI's IC3 uses the term for cryptocurrency investment schemes where scammers build trust and then coax victims into repeated "investments" on fake platforms.

Can I get my crypto back?

Often it is very difficult. The FTC says crypto payments generally cannot be reversed like card payments, but you should still report it immediately to the exchange or ATM operator and to law enforcement.

Is a real-looking trading app proof of legitimacy?

No. The IC3 says fake websites and apps are built to show growing balances that are not real.

Should I pay a fee to withdraw my money?

No. The IC3 describes requests for taxes or fees at withdrawal as part of the scheme.

Related Guides

Conclusion

Romance and crypto investment scams succeed because they feel personal. The defense is a short list of rules: do not send money to people you have not met, do not take investment advice from strangers, be suspicious of any guaranteed return, and verify everything independently. If you have been targeted, stop contact, call your bank or payment provider, and report to IC3 and the FTC.

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