Conmen made $1.3 billion via romance scams in 5 years, crypto biggest lure

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As you watch Netflix’s new documentary “The Tinder Swindler”, which is about a notorious conman who used the dating app to defraud multiple women, reports of romance scams have hit record highs as people lost a staggering $1.3 billion to romance scams in the last five years.

 

According to the US Federal Trade Commission (FTC), the numbers have skyrocketed in recent years, and 2021 was no exception as reported losses hit a record $547 million for the year.

 

“That’s more than six times the reported losses in 2017 and a nearly 80 per cent increase compared to 2020. The median individual reported loss in 2021 was $2,400,” the FTC said in a statement on Thursday.

 

A growing trend in 2021 was scammers using romance as a hook to lure people into bogus investments, especially cryptocurrency.

 

In fact, the largest reported losses to romance scams were paid in cryptocurrency: $139 million last year alone.

 

That’s a remarkable growth in…

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