Love in the time of crypto: DOJ warns of Valentine’s Day romance scams

As Valentine’s Day approaches, the U.S. Attorney’s Office for the Northern District of Ohio is warning the public about a surge in romance scams that target people through online relationships and often lead to financial loss, including requests for cryptocurrency payments.

Summary

• The U.S. Attorney’s Office for the Northern District of Ohio issued a Valentine’s Day warning about a surge in romance scams, many involving cryptocurrency payments.
• Scammers build fake online relationships over weeks or months before requesting money for “emergencies,” travel, or bogus crypto investments.
• Officials urge the public never to send gift cards, wire transfers, or cryptocurrency to someone they have not met in person, citing rising financial losses nationwide.

Criminals behind these schemes exploit victims’ trust and emotions by posing as romantic partners on dating sites, social media and messaging apps.

After building what appears to be a genuine relationship over weeks or months, scammers eventually ask victims for money, often under the guise of emergencies, travel costs or investment opportunities.

How crypto romance scams typically work

“Romance scammers are not looking for love — they are looking for money,” said U.S. Attorney David M. Toepfer. “They prey on trust and emotion … never send money to someone you have not met in person.”

According to the federal warning, fraudsters typically follow a pattern:

• They create fake profiles using stolen photos.
• Claim to work overseas in the military, oil rigs or business.
• Quickly profess deep feelings or commitment.
• Shift conversations off public platforms to private messaging.

Red flags include early declarations of love, excuses for not meeting in person, repeated “emergencies,” and unusual payment requests, especially gift cards, cryptocurrency or wire transfers.

Such scams have grown more sophisticated in recent years. In some cases, victims are directed to bogus investment platforms that promise unrealistically high returns before the scammers disappear with funds.

National reports have found that romance and confidence scams accounted for significant losses, often involving cryptocurrency transactions.