Warning on crypto and romance frauds

The Canadian Anti-Fraud Centre is warning Canadians about a dangerous combination of romance and cryptocurrency fraud schemes that are causing devastating financial and emotional harm. These scams typically begin on dating apps, social media platforms, or professional networking sites where scammers create fake profiles using stolen photos and fabricated identities. The fraudster develops a romantic or close friendship relationship with the victim over weeks or months, building trust and emotional connection. Once trust is established, the scammer introduces cryptocurrency investment opportunities, claiming to have inside knowledge or special access to high-return platforms. They may show fake screenshots of successful trades or profits to build confidence. Victims are directed to fraudulent cryptocurrency platforms (often sophisticated-looking websites) where they can see their investments 'growing.' However, when victims try to withdraw funds, they are told they must pay taxes, fees, or insurance before accessing their money. In reality, there is no investment, and all money sent is stolen. These combined romance-crypto scams have cost Canadians millions of dollars. Red flags include: someone you've never met in person discussing investments, pressure to invest in cryptocurrency, promises of guaranteed returns, inability to withdraw funds without additional payments, and romantic interest developing very quickly online. Remember: if you haven't met someone in person, be extremely cautious about any financial discussions.