FSS: "Always be suspicious if a romantic partner recommends investing in cryptocurrency"…Romance scam alert

The Financial Supervisory Service (FSS) has called for investor caution regarding virtual asset (cryptocurrency) romance scams, which involve gaining affection online before requesting money.

According to industry sources on the 2nd (Korean time), the FSS issued a consumer alert, stating that romance scams—in which foreign romantic interests approach victims through dating apps or social networking services (SNS) and then carry out crypto investment scams—are on the rise.

Fraudsters typically claim to be planning a trip to Korea or flaunt their looks and wealth to build a connection, then, once they are confident of the victim's affection, they ask for money.

Their method usually involves luring victims to register with fake crypto exchanges and experience small profits from initial coin investments, but they disappear when larger sums are deposited.

The FSS analyzed, "Because these scams progress after a romantic relationship is established, it’s difficult for victims to refuse the fraudster’s proposals, and the financial losses tend to be much larger than in other types of scams."

The FSS urged, "If a foreign romantic partner you meet on SNS encourages you to invest in cryptocurrency, you should always suspect fraud."