Avoiding Romance Scams

This post is part of a weekly Tuesday series at Coinbase about the latest consumer protection and security measures for crypto owners.

At Coinbase, we’re on a mission to help update the financial system to make it safer and more secure. While only 0.14% of blockchain transactions are used for illicit activity, and cash remains the preferred medium for illegal transactions, crypto security is always a top priority. Coinbase maintains a robust compliance program, which includes Know Your Customer (KYC) checks, sanctions screenings, suspicious activity reporting, and strong law enforcement partnerships to detect and prevent illicit activity on our platform.

Understanding Modern Romance Scams

With more people than ever forming relationships exclusively online, scammers are preying on those seeking meaningful connections and the consequences can be devastating for those who fall victim. The FTC reported that 2023 losses to romance scams totaled $1.14 billion—the highest reported losses for any form of imposter scam. Due to the stigma and emotional toll these scams inflict, however, many cases go unreported, meaning the actual losses are likely far greater.

While romance scams are nothing new, scammers are continually evolving their tactics. AI-generated personas and deepfake technology, for example, make fake profiles more convincing than ever. Scammers have also refined their emotional manipulation strategies, particularly through love-bombing to gain trust quickly before making financial demands.

Here’s what you need to watch for to protect yourself and your loved ones:

AI-Generated Personas and Deepfake Technology

Modern scammers use AI tools to create hyper-realistic profile pictures and videos, making fake identities nearly indistinguishable from real people. With deepfake technology, scammers can now produce video calls that appear legitimate, making it harder for victims to detect deception.

Red Flag: If your online love interest avoids live video calls or insists on only texting, be wary. If they do video chat but there’s something slightly "off" about their appearance or voice, you may be dealing with a deepfake.

How to Stay Safe: Reverse-search profile pictures using Google Images or tools like PimEyes. If someone looks too perfect or their details seem inconsistent across platforms, proceed with caution.

The Rise of Love-Bombing

"Love-bombing" is a psychological manipulation tactic where scammers shower their victims with affection and grand romantic gestures to gain their trust quickly. The goal? To establish an emotional bond before requesting money.

Red Flag: If someone you just met online calls you their "soulmate" within days, insists that fate brought you together, and starts planning a future with you before you've even met, you could be a target.

How to Stay Safe: Take things slow and verify their identity. Ask specific questions that require detailed answers and look for inconsistencies in their responses.

Requests for Financial Assistance

After gaining trust, scammers will introduce a crisis that requires financial help. Common excuses include:

• A sudden emergency (medical bills, legal trouble, business failure)

• An exclusive investment opportunity

• The inability to access funds due to a technical or political issue

Red Flag: If someone you haven’t met in person asks for money in crypto, wire transfers, or gift cards, it’s almost certainly a scam.

How to Stay Safe: Never send money or share financial details with someone you haven’t met in person. If they claim to be in a financial bind, encourage them to reach out to family or local resources instead.

Isolated Communication & Pressure to Keep Secrets

Scammers often try to cut victims off from their support systems by discouraging them from talking about the relationship with friends or family. They may claim your loved ones "wouldn’t understand" or that they are "jealous of your happiness."

Red Flag: If an online romance is pushing you to keep things private and making you feel guilty for questioning them, take a step back.

How to Stay Safe: Talk to a trusted friend about your online relationship and ask for their perspective. An outside opinion can provide clarity.

Romance scams are becoming more sophisticated, but staying informed is your best defense. AI-generated profiles, love-bombing, and financial fraud are the latest tactics, but vigilance, verification, and communication can protect you from falling victim.

If you or someone you know has been targeted by a romance scam, don’t hesitate to report it. Together, we can make the digital world safer.