Romance Scammers Are Wooing Victims Into Bogus Crypto Schemes

The scope of the problem

Since scams are notoriously underreported, it’s hard to pinpoint the precise number of victims. But AARP’s 2026 survey of more than 1,000 American adults 50 and older found that nearly one in ten adults has experienced an online romantic approach that ultimately led to a request for money or encouragement to invest in cryptocurrency. Adults ages 50 to 64 face this risk at more than twice the rate of those 65 and older. The researchers surmise that this is “likely in part because they tend to be more active and engaged online, increasing their exposure to potential scammers.”

And nearly 60,000 people reported romance scams to the Federal Trade Commission (FTC) in 2024 (2025 figures aren’t yet available). Romance scams are a subcategory of impostor scams, to which victims reported having $2.95 billion stolen that year (again, likely a huge undercount).

Many romance scams originate overseas in scam compounds run by international crime syndicates, as described in this episode of AARP's podcast The Perfect Scam. 

How the scam typically works

For the victims, the scam usually unfolds like this:

1. Out-of-the-blue interest in you. Criminals connect with you through social media apps such as Instagram, Facebook and LinkedIn. They use stolen and AI-generated photos to go with their fake persona.
2. Errant text messages. Alternatively, scammers may attempt to start a relationship by appearing to have sent you a text meant for someone else. These texts seem mundane, asking about lunch plans or confirming an appointment. When you reply that they have the wrong number, they engage you in conversation and attempt to strike up a relationship. Find out more about “oops wrong number scams.”
3. Romantic attention. Once communication has started, they soon (abnormally soon) begin love bombing, sending a steady stream of texts and emails full of flattery.
4. “Investment” talk. As the “relationship” deepens through financial grooming (sometimes referred to as pig butchering), perpetrators persuade victims to make what is purportedly an investment in cryptocurrency. Photos of luxury cars and vacations are shared to give the illusion of new wealth and spur the victim to invest. In some cases, the scammer will feign ignorance of crypto but offer to connect them with an expert — perhaps an uncle who's a skilled investor — to help them out.  
5. Access to an "investment platform." The perpetrator will direct you to access a (fake) cryptocurrency platform website or app to begin investing. They encourage small investments at first.. 
6. Demonstrate fake gains. The perpetrator builds confidence with great returns on initial investments before applying psychological pressure to invest increasing amounts.
7. Ask for more money. Sometimes victims are able to make small withdrawals from their accounts at first, but later when they try to cash out, they are told they must pay a “tax.”

The apparent need to come up with the so-called tax can prompt victims to mortgage their house, deplete 401(k)s, raid their kids’ college funds or borrow from relatives, says West, who calls the crime “hideous.”

“It is a long con that’s really laser-focused on taking every penny from the victim,” she adds. “That’s why we’re literally seeing suicides. We are seeing people checking themselves into psychiatric facilities.”

How to protect yourself from this scam

• Do a reverse image search. If someone sends you photos, do a reverse image search to verify they are who they say they are. AARP suggests using these tools to search.
• Beware when people you meet online quickly want to leave the dating website and communicate with you on another platform.  
• Keep personal information private. Banking information, Social Security numbers, copies of IDs (including passports) or other sensitive information shouldn’t be shared with anyone online.
• Talk to friends or family about new love interests. They can serve as a valuable check on your judgment when you are lost in the first flush of romantic love. Note that it’s a major red flag if your online partner insists you not tell anyone about your relationship.
• Research investment opportunities thoroughly. If you work with someone at your bank or brokerage, talk to them about any investments your new friend is touting. Get a professional's opinion. 

How to report this scam

• ​Document the crime. Keep all correspondence and a timeline of events, including the dates and locations of any transfers of money to the criminals.
• Contact local law enforcement. Having all the documentation assembled may be of value if there is some means of recouping your loss. Learn more about how to report scams to the police.
• File reports with the federal government. The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) uses fraud reports to target their investigations; the more information they have, the better they can identify patterns, link cases and ultimately catch the criminals.  
• Find support. FINRA (Financial Industry Regulatory Authority) Foundation and Cybercrime Support Network have free 10-week counselor-led support groups for victims of romance scams. The AARP Fraud Watch Network also has free online support groups for fraud victims.
• Call The AARP Fraud Watch Network Helpline (877-908-3360). Trained fraud experts can offer guidance and support for scam victims and their families.