Greed and love — the 2021 romance scam perfected

An alluring blend of greed and love

Once upon a time, the Internet was an easy place to hang out. But in 2021, a new romance scam is making it much more dangerous for those who frequent social media and/or dating apps. Oh, wait. That’s, like, everybody. Right? You have to admit, offering someone the opportunity for a beautiful new relationship and blending that with the promise of huge profits from cryptocurrency is genius. And that’s one reason romance scams netted the bad guys over $133 million in 2021 alone.

How the scam works

It all begins with an innocent new friend request. From there, the scammer engages on a personal level. They get to know their victim, and once they establish a relationship, they’ll make their move. Rather than using the old method of asking for money to help them out of a jam, they bring up the idea of investing in cryptocurrency. They’ll even provide a link to an investment website. Like any good scam, once you invest, your account will increase in value. That will be an enticement to invest more. Of course, once you put money into the investment, you’ll most likely never see it again. And once you stop putting money in, you’ll probably never see your new love again, either.

For a more detailed explanation of this scam’s workings, check out the Internet Crime Complaint Center’s post, Scammers Defraud Victims of Millions of Dollars in New Trend in Romance Scams. 

5 tips to avoid the 2021 romance scam

Tip #1 – Never send a stranger money

Remember when your mother told you, “If it sounds too good to be true, it probably is.” Well, it turns out she was right. I know. If you’re like me, you probably stopped listening to her about the time you turned twelve. But believe me—on this one she was right. Keep your money away from people you don’t know.

Tip #2 – Keep your personal and financial information to yourself

Think of it this way—you’re walking along a busy street. A stranger approaches you and strikes up a conversation. After five minutes, they ask for your social security number, date of birth, and more. What do you do? (If you have to ask, you should unplug your computer now and never turn it back on.)

Tip #3 – Never click a link from an unknown source

Between malware, ransomware, malicious websites, and viruses, the thought of clicking on a link in an email should be a frightening prospect. For one thing, even if a website looks legitimate, it could be a clone of the real thing. And since it’s nearly impossible to tell a fake website from a real one, don’t click the link someone sends you. Instead, navigate to a known URL. 

Tip #4 – Lock down your computer security

Computer security is a pain. I get that. But there’s another of your mother’s old sayings that applies here, “An ounce of prevention is worth a pound of cure.” There are tons of programs out there to deal with computer security. I won’t recommend a particular product, but will remind you there are free as well as paid options. The freebies don’t do as much, but they provide a basic level of protection. 

Tip #5 – Update your privacy settings

Social media sites have all kinds of privacy options. I suggest sharing the minimum information possible to accomplish your purpose. That’s going to be different for each site you’re on, but if you keep what you share to a minimum, it will make you less vulnerable.

Did you like this scam tip? Why not check out last month’s tip, Scam Tip – Taking the chill off the cryocooler? October is CyberAwareness Month. #BeCyberSmart and stay safe online!