With the evolution of technology, cyber scams take new forms and use the tools available - such as cryptocurrencies, social networks and even dating apps. With Valentine's Day approaching, it is important to redouble your attention to the famous "love scams".

These cyber attacks that exploit building a romantic relationship with the victim are increasingly common around the world. According to data from the U.S. Federal Bureau of Investigation (FBI), fraud involving online romance has resulted in losses of more than $133.4 million between January and July 2021 alone.

But how to avoid these Valentine's Day cyber scams? Check it out below!

The danger of love scams

In early 2022, the documentary "The Tinder Scammer" became hot and caused a stir among the public regarding love scams. The production presents a very elaborate case in which the scammer adopts a false identity to gain the victim's affection and trust - always with the aim of obtaining financial advantages. It is difficult to confirm the exact amounts, but it is known that one of the women gave the scammer a total of US$200,000 (more than one million reais).

However, this scam is more common than you might think. The intention of the scammer known as the "Scammer" is to establish a relationship as quickly as possible, to please the victim, and to gain trust. The scammers may propose marriage and make plans to meet in person, but this will never happen. After all, the goal of the scammers is to use the illusion of a romantic relationship to manipulate and/or steal from the victim, using their personal data and credit cards.

In 2021, the Internet Crime Complaint Center (IC3) received reports from 24,299 victims who suffered more than $956 million in fraud losses related to love scams. This type of fraud represents the third largest loss reported by victims.

Main pitfalls to be on the alert

The logic of Internet love scams is always the same: The hacker will deceive the victim with a false love interest. However, the implications of this can take many forms, and all involve extortion in a virtual form, especially on dating apps.

Here are the main scams that deserve your attention:

Sextortion

Sextortion is a name that stands for extortion related to sexual matters. It occurs when someone threatens to distribute private and sensitive content if their demands are not met. In 2021, IC3 received more than 18,000 sextortion-related complaints, with losses exceeding $13.6 million.

Usually, scammers create fake profiles using other people's photos on social networks and/or social networking applications. After that, they build a relationship to get private images and, from there, start the extortion.

The hacker often sends an e-mail saying that he has an intimate photo of the victim and promises to disclose it if the victim does not pay a sum of money. Even our ISH cybersecurity expert recently gave some advice on how to proceed in such cases .

Cryptoromantic: Bitcoin scam in dating apps

Many victims of romance scams report being pressured into investment opportunities, especially using cryptocurrencies. In addition to stealing your heart, they can also steal your money. In 2021, IC3 received more than 4,325 complaints, with losses exceeding $429 million, from fraud victims who also reported using cryptocurrency investments.

Speaking specifically of dating apps, the criminal pretends to be in love and convinces the investor to download an app or click on a fake link - both of which capture their personal data.

After creating a relationship of trust with the victim, the scammers claim to know of great bitcoin investment opportunities - encouraging payments to be made for the theft of the money.

The practice has caught the attention of countries around the world, which has given such criminals a name: "CryptoRoms," which could be translated to "cryptoromantic."

Catfishing: a trap for stealing personal data

In catfishing scams, the fraudster pretends to be someone else in order to trick the victims into taking financial advantage. This is usually done by creating fake profiles using photos of attractive people. Recently a famous volleyball player in Italy fell for the scam. The scam cost him a lot of money, transferred over years to scammers who had a long-lasting virtual relationship with the victim.

Don't think that this situation is something difficult to happen. In 2021 Interpol sent out a dating app scam alert to Brazil and all 193 other member countries of the global watchdog agency. The scam according to research firm Arkose Labs, has already fooled more than 4 million victims in 2020 alone.

Once a relationship has been built, the scammer can use different appeals to ask the victims for money - such as illness, threats to their life, financial difficulty, among other situations that create a sense of urgency.

Fake Date Scam

Finally, cyber scams can also include implications outside the networks. In the fake dating scam, gangs are using dating apps, creating fake profiles to arrange face-to-face meetings with potential victims. Upon arriving at the arranged location, the person has their belongings stolen and is kidnapped by criminals.

Moreover, these fake encounters are yet another crime modality that takes advantage of technology after the emergence of bank transfers via Pix, In the action, criminals force victims to provide bank passwords, make transfers via Pix, and ask for loans for the victim's release.

8 tips to avoid those Valentine's Day cyber scams

As Valentine's Day approaches, cyber scams that exploit fake relationships are likely to increase. To avoid the risks, follow these tips:

• Be careful about everything you post on the Internet - especially on social networks. Scammers can collect this information and use it to try to get close to you. Social networking sites and apps can also serve as a gateway to serious crimes that put the privacy of your information at risk.

• Do research on the people you meet online. With their name, picture, and other personal information, you can find out if you are dealing with a fake profile.

• Take it slow in internet relationships and ask strategic questions to get to know the other person better. Avoid exposing your intimacy.

• Be suspicious if the other person shies away from personal encounters. If after several months you still haven't managed to meet them in person, there are good reasons to be suspicious. However, if the crush wants a date, make appointments in busy places and let friends know where you are going, if possible by sharing your location on your cell phone.

• During a "blind" date, avoid leaving a cell phone with access to accounts at home and go out on the street with another device.

• Be wary if the person you are chatting with asks for intimate photos or inappropriate personal information. When identifying an inappropriate profile, the user should report it through the dating app itself.

• Be especially careful if the other person seems too perfect or quickly asks you to leave the dating app to communicate directly. Be wary of very personal questions at the very beginning of a conversation and if the other person refuses to talk on video calls, for example.

• Never send money or financial information to a person you have only communicated with online and/or by phone.

So, did you like these tips? Matches with greater security and avoid cyber scams on Valentine's Day. In finance, as in love, turning a blind eye can be very costly.