Warning: Crypto Scams in Massachusetts Target the LGBTQIA+ Community

• A cryptocurrency payment demand would be a “red signal” for such a fraud.
• Therefore, warning indicators to watch out for include friend requests on social media from new accounts or those with little past activity and matches on dating apps that move swiftly but decline in-person engagement.
• The LGBTQIA+ community is frequently the victim of cryptocurrency fraud on social media, dating apps, and other platforms, the Massachusetts government has warned.

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As Pride Month closes, the Massachusetts Office of Consumer Affairs and Business Regulation is warning LGBTQIA+ individuals about crypto scams. These scammers may be taking advantage of the fact that June is Pride Month to target this community.

There have been reports of scammers posing as members of the LGBTQIA+ community to gain trust and defraud their victims. In one recent scam, an individual posed as a gay man on dating apps and social media platforms in order to trick other men into sending him money. The scammer would then disappear once he received the money.

These scams can be difficult to spot, but there are some red flags you can look out for. Be suspicious of anyone who asks for money upfront or seems too good to be true. If you’re talking to someone online, try doing a reverse image search on their profile picture. And always remember that if something sounds too good to be true, it probably is.

If you think you may have been a victim of a crypto scam, you should report it to your local police department and the Federal Trade Commission. You can also find more information and resources on the Massachusetts Office of Consumer Affairs and Business Regulation’s website.

According to the FTC, over 3,000 reports of crypto-related fraud occurred in the first three months of this year. This is a significant increase from the approximately 2,000 reports received in 2021. The total amount lost by consumers to these scams so far this year is estimated to be over $1 billion.

Of all the different types of crypto-related fraud reported, romance scams were the most prevalent. These scams typically involve someone pretending to be interested in a romantic relationship with their victim in order to gain their trust and then convince them to invest money in a fraudulent cryptocurrency scheme. Other common types of fraud include bogus investment schemes and business/government impersonation frauds.

With the value of many cryptocurrencies skyrocketing in recent months, it’s no surprise that scammers are increasingly targeting investors looking to cash in on the hype. It’s important to be aware of these scams and take steps to protect yourself from becoming a victim. If you’re considering investing in cryptocurrency, do your research beforehand and only invest what you can afford to lose.

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