U.S. prosecutors and federal investigators issued new warnings about romance scams ahead of Valentine’s Day, as fraud tied to online relationships and cryptocurrency schemes continues to grow across the country. Alerts from the U.S. Attorney’s Office for the Northern District of Ohio and multiple Federal Bureau of Investigation field offices highlight organized criminal networks that exploit dating platforms, social media, and messaging apps.
Officials state that scammers often build trust for weeks or months before requesting money for fabricated emergencies, travel costs, medical needs, or investment opportunities. Hundreds of millions of dollars disappear each year through these operations, many of which involve transnational fraud rings.
“Romance scammers are not looking for love—they are looking for money,” said David M. Toepfer. “They prey on trust and emotion and often target older Americans and vulnerable individuals. We urge everyone to slow down, verify identities, and never send money to someone they have not met in person.”
Federal investigators describe common tactics. Criminals create fake profiles with stolen photos. They claim jobs overseas in the military, oil industry, or international business. They declare strong feelings early. They push conversations away from dating platforms into private apps. Requests for gift cards, cryptocurrency, or wire transfers often follow.
AI tools and crypto platforms deepen the threat
Law enforcement officials warn that scammers now rely on artificial intelligence tools to generate convincing photos, correct language mistakes, and produce realistic communication. These tools raise the credibility of fake identities and make detection harder.
“Fraudsters are lurking online claiming to be looking for love when they’re really just looking to loot your bank account,” said Ted E. Docks, the special agent in charge of the FBI Boston Division. “We’re urging everyone to take a beat. The best weapon against these scammers is a healthy dose of skepticism.”
Investigators also highlight “pig butchering” schemes. Criminals begin with casual contact through dating apps, social media, or text. They later introduce fake investment platforms tied to cryptocurrency, foreign currency, or precious metals. Victims see fabricated profits and receive encouragement to deposit larger sums. Withdrawal attempts trigger fake fees or technical barriers. Funds vanish soon after.
The Commodity Futures Trading Commission estimates that relationship-driven investment fraud costs Americans roughly $10 billion each year. Field offices report regional losses in the tens of millions. Authorities in the Boston region documented more than 700 victims across Massachusetts, Maine, New Hampshire, and Rhode Island in 2025, with losses near $20 million.
Real cases expose financial and emotional damage
Recent cases illustrate the scale and impact of these scams. A man in New Hampshire lost $1.5 million after months of online contact with a woman who urged him to invest in a fraudulent crypto platform. Another case in Northern Ohio involved an elderly victim who lost life savings through a cryptocurrency investment scheme tied to an online relationship.
Authorities link many of these operations to organized crime networks that operate internationally. Investigations point to large scam compounds in Southeast Asia that rely on digital payment channels and laundering routes.
Federal prosecutors also pursue financial recovery. The Department of Justice filed to seize $225 million in Tether USDT linked to pig-butchering fraud after tracing funds through the OKX exchange.
Analysts and investigators describe evolving tactics
Industry research and law enforcement briefings describe a consistent pattern. Fraudsters start with emotional engagement. They build credibility through daily conversations and staged success stories.
“Unlike traditional scams, which execute quickly, these schemes exploit both emotional and financial vulnerabilities,” said Balazs Faluvegi, senior analyst at BrokerChooser.
“A common tactic is to let you withdraw small initial 'profits' to encourage you to invest larger sums. And when you attempt to withdraw bigger amounts, they suddenly create obstacles like taxes, fees, or system errors, blocking access to your funds,” he said.
Officials also cite a case in California where a widow lost nearly $1 million before confirming the fraud after consulting ChatGPT for verification.
Authorities outline prevention steps and reporting channels
Federal agencies advise people to avoid sending money, gift cards, or cryptocurrency to individuals they have never met in person. Reverse image searches can expose stolen profile photos. Trusted friends or relatives can provide an external check before financial decisions.
Victims should stop communication immediately and preserve messages and financial records. Reports can go to the Internet Crime Complaint Center and local law enforcement. Early reporting increases the chance of tracing funds and identifying suspects.
Officials stress that organized crime groups rely on patience, psychological pressure, and financial manipulation. Valentine’s Day increases exposure due to higher activity on dating platforms. Authorities continue investigations and prosecutions tied to these operations. The Department of Justice states its commitment to dismantling networks and pursuing accountability for those responsible.
Oleksii Shumak
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
