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Romance Scams Lead to Heartbreak and Loss

Mixing love and money often leads to trouble, and recent romance scams are proof of that! In New York, the problem has become so pervasive that State Attorney General Letitia James has issued a warning. Two-thirds of cryptocurrency-related complaints to the AG’s office involve romantic online crimes.

Scammers typically invest time in making their victims believe they are in a genuine romantic or close personal relationship. Once trust is established, the conversation shifts to trading or investment opportunities. Scammers then transition their communication to encrypted chat platforms eliminating any paper trail. They convince their victims to wire them money to “invest” and steal the funds. They vanish quickly when their victim runs out of money or catches on to the scam.

The financial impact on victims can be devastating, with losses ranging from tens of thousands to over $1 million. According to the New York Post, fraudulent crypto investment schemes have become a global billion-dollar industry, with scammers collectively stealing over $75 billion from investors’ digital wallets. Many of these perpetrators are based overseas, making them difficult to track and prosecute.

If you’ve fallen victim to such a scam, it is crucial to act quickly.

  1. Stop communicating with the scammer immediately.
  2. Report the incident to NorthCountry to potentially halt or recover any transactions.
  3. File a complaint with the Federal Trade Commission (FTC) and your local Attorney General’s office.
  4. Contact the platform where you met the scammer to report their fraudulent activities.

Seek support from organizations specializing in assisting fraud victims. They can also provide guidance and help you recover from being scammed. If you do get scammed, let us know quickly so we can help minimize the impact. We’re on your side, and will do what we can to keep you and your accounts secure.