Financial Scammers are Trapping Victims on Tinder

Belgium’s financial market regulator, the Financial Services and Markets Authority (FSMA), has continued to remain vigilant on new financial scams and issued a warning on Thursday against growing frauds on popular dating platform Tinder.

Though scams on Facebook and Instagram are common with paid advertisements and displaying rich lifestyles, these scammers are now finding other platforms to lure victims.

Dating Just Become Risky

Unlike other social media, Tinder is a dating app, and scammers have found ways to exploit that too.

“Dating sites and apps such as Tinder are venues conducive to emotional scam attempts,” the FSMA warned. “These sites and apps have lately also been used to prospect for potential preys to investment fraud. Victims are mostly men. While looking for a date, they get in touch with women of allegedly Asian descent.”

The regulator detailed that the scammers often disguise themselves as ‘charming women’ on Tinder and approach men with paid features on the application. Then they usually take the conversion to Whatsapp and brag about her financial independence.

When asked about how ‘she manage[s] to make so much money so easily’ the fraudster sends a link to shady platforms for investment into cryptocurrencies, usually new initial coin offerings (ICOs), or forex products.

In some cases, the fraudsters even connect the victim with ‘acquaintances who is a renowned trader or a financial adviser.’

“Beware! Swindlers could well be hiding behind the features of the woman you see on the pictures. They have created a fake character with fake photos in order to manipulate you,” the watchdog warned.

Scammers Are Getting Sophisticated

On Facebook too, the scammers are using new sophisticated tactics to trap victims in financial scams.

They hack into some Facebook profiles and post about some investment offer that is boasting about its massive return. If anyone clicks on the link, they approach them with fraudulent offers.

The FSMA issued other warnings on financial scams in the past. Apart from these general warnings, the regulator flagged specific platforms, which duped investors with lucrative offers.