The LGBTQIA+ Community Must Beware for Crypto Scams, US Authorities Warn

According to the government of Massachusetts, the LGBTQIA+ Community (a defined group of lesbian, gay, bisexual, transgender, queer, intersex, and asexual individuals) might be a tempting target for cryptocurrency scammers. The wrongdoers could imitate they are in love with their victims only to gain access to personal information and steal digital assets, the authorities alerted.

Crypto Schemes on the Rise During ‘Pride Month’

The month of June is known as “Pride Month” among the LGBTQIA+ Community since this is when people with non-standard sexual orientation celebrate their individuality. In recent years, the initiative has gained significant popularity, and such festivals have been held all over the globe. For instance, New York’s gay parade typically gathers over 2 million people.

However, the government of Massachusetts warned that this certain community might be an appealing target for scammers. The latter often contact their victims and present themselves as a friend or family member, asking for funds due to an accident.

On another occasion, fraudsters could start imitating a love affair with their victims by sending them texts on social media and calling them regularly. Those romantic intentions are usually fake, and attackers do that so they can steal personal information from the lured individuals or receive monetary gifts.

Deceiving people from the LGBTQIA+ Community to join a dubious cryptocurrency scheme is another trick the attackers use. The Massachusetts authorities cautioned that individuals should never deposit funds in such projects advertised by unknown “friends.”

Unsolicited messages urging one to call a phone number or click a link to make a fortune through crypto is also a typical move. Investing in digital assets should happen only on authorized exchanges or with the help of renowned and regulated firms part of the industry.

It is worth noting that people from that community often use online dating applications. That could be another issue as, searching for love affairs, victims drop their guard and might get involved with scammers who would ask for gifts, money, and even crypto assets.

The FTC With a Similar Warning

Earlier this month, the Federal Trade Commission (FTC) also raised the topic. The agency argued that investment scams and fraudulent cryptocurrency schemes are thriving during “Pride Month.”

Apart from the aforementioned tactics, the FTC said attackers sometimes demand their victims send cryptocurrencies before taking their love relationship to another level. Needless to say, once the assets are transferred, the romantic affair ceases.

“Don’t trust people who promise quick and easy money by helping you invest in the crypto markets. If a new keyboard Casanova wants to show you how to invest in crypto or asks you to send them crypto, that’s a scam, too,” the agency alerted.