That's according to ChainAnalysis, which said the scams, in which fraudsters approach their victims on dating apps or sites, groom them, and convince them to give them money or invest in a supposed "business venture," are growing in number, too. In what appears to be the more sinister side of romance, the amount of money individuals lost in 2024 to love-baiting scams, known to some as pig butchering, increased 40%. Overall, with romance baiting comprising a third of total crypto fraud revenue in 2024, signs — or cupid arrows — point to romance scams becoming even bigger this coming year. The number of people losing money this way increased by 210% year-over-year in 2024, probably because more scams are circulating. "The combination of lower payment amounts and increased deposits could indicate a change in strategy for pig-butchering scams," said the researchers. Users of dating apps should be wary of connections made online, and should avoid sending money, cryptocurrency, wire transfers, or prepaid gift cards to anyone they don't know personally. Together, we power an unparalleled network of 220+ online properties covering 10,000+ granular topics, serving an audience of 50+ million professionals with original, objective content from trusted sources. This website is owned and operated by Informa TechTarget, part of a global network that informs, influences and connects the world’s technology buyers and sellers.
This Cyber News was published on www.darkreading.com. Publication date: Fri, 14 Feb 2025 14:00:06 +0000