A recent study has uncovered a surge in South Korean crypto scams specifically aimed at young women on social media platforms.
The study, based on police reports and conducted by a postgraduate student from Korea University, revealed that in 2022, 71% of victims of “romance scams” through social media were women. The majority of these women were aged 39 or below.
Shockingly, almost 63% of these scams involved cryptocurrencies, fake coins, counterfeit foreign exchange transfers, or fraudulent token trading platforms. Instagram emerged as the primary platform used by scammers, while dating apps like WIPPY and Tinder were also utilized.
According to the study, social media scammers are currently swindling nearly half a million USD worth of fiat and cryptocurrency each month, and this figure may not even include unreported cases. The findings shed light on the urgent need for increased awareness and vigilance to combat these alarming trends.
A study analyzing 280 reported cases from the first half of 2022 has brought attention to the increasing prevalence of crypto-related scams in South Korea. In response, the police have established specialized departments dedicated to combating these scams and have invested in crypto-specific training for their officers.
Also Read: S. Korea Arrest Crypto Scammer Targeting Housewives, Office Worker
One common method employed by scammers involves “romance scams,” where victims are persuaded to exchange cryptocurrencies or fiat currency through fraudulent platforms. Additionally, fraudsters target young women by enticing them with promises of easy profits through investments in fake altcoins. Some scammers resort to deceitful pleas for money to cover medical expenses, while others claim to be stranded overseas, urgently seeking funds.
Notably, Uppsala Security, a regulatory technology developer and security provider, recently warned that South Korean scammers are now attempting to lure users of dating apps into fake crypto mining platforms. These concerning findings highlight the need for increased vigilance and awareness to protect individuals from falling victim to these scams.
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