It might start with a friendly message, a shared interest, or even a simple “wrong number” text. Over days or weeks, the conversation grows. The connection feels real. Then, almost casually, the topic shifts: cryptocurrency, investing, and a chance to build a future together.
Welcome to the new wave of romance scams — where emotional manipulation meets sophisticated financial deception.
Known internationally as “pig-butchering scams,” crypto romance scams are rapidly evolving, combining relationship-building tactics with fake investment platforms designed to look convincing and legitimate. The result? Victims often believe they are making smart financial decisions — until their money disappears.
When Romance Meets Crypto
Traditional romance scams typically involved requests for emergency funds or travel costs. Today’s scams are more complex. Instead of asking directly for money, scammers present themselves as successful investors or mentors, gradually introducing cryptocurrency trading as an opportunity you can explore together.
The shift matters. Victims don’t feel like they’re helping someone in need — they believe they’re investing wisely.
Scammers often spend significant time building trust. Conversations can feel genuine, supportive, and deeply personal. By the time investment discussions begin, emotional barriers have already been lowered.
How the Scam Unfolds
While details vary, many crypto romance scams follow a similar pattern:
Step 1: The connection
Initial contact may happen through dating apps, social media platforms, or messaging services. Some begin with accidental or “wrong number” messages that turn into ongoing conversations.
Step 2: Building trust
Scammers invest heavily in creating rapport. They may share daily updates, photos, or stories designed to build credibility and emotional closeness.
Step 3: Introducing investments
After trust is established, cryptocurrency enters the conversation. The scammer claims to have insider knowledge, trading expertise, or access to a special platform.
Step 4: The illusion of success
Victims are directed to professional-looking websites or apps that show impressive returns. Small withdrawals might even be allowed early on, reinforcing the belief that the investment is genuine. Often all withdrawals are completed by the third party with the victim having no or limited access to their crypto wallet.
Step 5: The trap closes
Larger deposits are encouraged. When victims attempt to withdraw significant funds, they may be told to pay extra “taxes,” fees, or verification costs — or the scammer disappears entirely.
Step 6: Limited recovery opportunities
In particular where cryptocurrency is used as an investment, the funds are often moved offshore quickly and are harder to trace. Banks have minimal opportunity to recover funds in these circumstances.
Why These Scams Work So Well
Crypto romance scams succeed because they combine two powerful psychological levers: emotional trust and financial opportunity.
When people feel emotionally connected, they’re more likely to trust advice that would otherwise raise red flags. Add the complexity of cryptocurrency — an area many people are still learning about — and it becomes harder to distinguish between legitimate investments and convincing fraud.
Importantly, falling victim to a scam has nothing to do with intelligence or experience. These operations are carefully engineered to exploit human behaviour.
“Scammers aren’t just targeting people’s wallets — they’re targeting emotions. If someone you’ve met online starts guiding your investment decisions, especially involving cryptocurrency, it’s worth stepping back and getting independent advice before taking action.” Mark Elder, Head or Risk Operations, BankVic.
What to do in the event you are a victim of scam
- Stop communication immediately
Cease contact with the person or platform. Do not send more money, click additional links, or share personal or financial information. - Contact your bank or financial institution straight away
Notify your bank as soon as possible, especially if funds have been transferred or account details shared. Early reporting gives the best chance of preventing further loss. - Report the scam to Scamwatch
Lodge a report with Scamwatch (run by the ACCC). Reporting helps authorities track scam trends, warn the community, and disrupt criminal activity. - Report suspicious activity to Crime Stoppers/Police
Providing information — even if you’re unsure — can assist investigations and help prevent others from becoming victims. - Keep evidence
Save screenshots of messages, transaction details, usernames, website links, and any other relevant information. This may help your bank or investigators. - Seek support
Experiencing a scam can be distressing, especially when emotional relationships are involved. Talk to someone you trust or seek professional support if needed.
Make sure you watch our mini series on ‘The Cost of a Scam’ to learn more.
We’ve partnered with BankVic to help keep our community safe from scams and criminal activity while online! Stay up to date with the latest tips and information in one convenient place, empowering you to prevent online crime and outsmart scammers. Together, we can create a safer internet for everyone!
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Been scammed?
Step 1
If you have given any financial details or have already lost money, contact your bank immediately.
It’s also important to change your passwords, monitor your accounts closely, and consider placing a fraud alert on your credit file.
Step 2
Report the scam to police at cyber.gov.au or at your nearest police station.
Additionally, report the scam to Scamwatch and your local authorities to help prevent others from falling victim.
If you think you have been scammed online, IDCARE can help for free! Call 1800 595 160 or visit their website www.idcare.org
Step 3
Getting scammed online does not mean you are not smart. Cybercrime keeps changing, so anyone can be a target. Do not be embarrassed or hard on yourself! Learn about new scams and take steps to stay safe instead.
If you need support after falling victim to a scam talk to friends and family or contact:
Lifeline: 13 11 14
Beyond Blue: 1300 22 4636
Step 4
If you have given any financial details or have already lost money, contact your bank immediately.aFinally, talk about different types of emerging scams and if you have been scammed share your experience with family and friends so they can better recognise the signs of scams.
Smart Scam Guide
Download a comprehensive guide to spotting scams. Download to learn about the most common scams and what to do if you have fallen victim to one.
