Crypto Scams: A recent study conducted by a postgraduate student at Korea University has shed light on a concerning spike in crypto scams in South Korea, specifically targeting young women on social media platforms. The study, based on data from recent police reports, revealed that a staggering 71% of victims who fell prey to “romance scams” through social media in 2022 were women. Notably, the majority of these women were aged 39 or below.
According to the study, nearly 63% of these romance scams involved the use of cryptocurrencies, fake coins, counterfeit foreign exchange transfers, or fraudulent token trading platforms. The scammers predominantly exploit popular social media platform Instagram for their fraudulent activities. Additionally, dating apps like WIPPY and Tinder have also become avenues for scammers, with 14% and 7% of victims being targeted through these platforms, respectively.
The data compiled by the postgraduate student revealed that social media-based scammers are managing to pocket approximately half a million USD worth of both fiat and cryptocurrencies every month. It is important to note that this figure only represents reported cases, and the actual amount may be much higher due to unreported scams.
The study analyzed 280 cases reported to police agencies in the first half of 2022, painting a worrisome picture of the rising trend of crypto-related scams in South Korea. In response to the growing concern, law enforcement agencies have established dedicated departments to combat crypto scams and have invested in specialized training for officers in dealing with such cases.
The methods employed by these fraudsters in “romance scams” involving cryptocurrencies vary. One common tactic is to deceive victims by requesting their assistance in exchanging coins or fiat currency through fake platforms. In other instances, scammers persuade predominantly young female victims that they can make easy money by investing in fake altcoins. Some fraudsters even resort to emotional manipulation, claiming to require funds for medical expenses or pretending to be stranded overseas in urgent need of financial assistance.
Uppsala Security, a regulation technology developer and security provider, has recently warned that South Korean scammers are now attempting to lure users of dating apps to fake crypto mining platforms, expanding their reach and exploiting unsuspecting individuals.
In conclusion, the rise in crypto scams targeting young women on social media platforms in South Korea is a pressing concern. The study highlights the need for increased awareness and vigilance among users, especially when engaging with unfamiliar individuals or investment opportunities online. Law enforcement agencies are actively taking measures to combat these scams, but it is crucial for individuals to exercise caution and report any suspicious activities to ensure a safer digital environment.