How Not to Fall for a Romance Scam Involving Crypto-Assets

A Fictional Story Based on Real Life

Zuzana had been alone for a long time and longed for love. Online, she met a man who seemed to be her ideal partner. Their conversations were deep and emotional, full of promises and mutual understanding. As she fell more in love, Zuzana became open to investing in the relationship not only emotionally but also financially.

Her “online partner” convinced her to help him financially, claiming he was going through a difficult situation. Blinded by love and trust, Zuzana sent crypto-assets directly to a wallet address he provided, hoping this would show her devotion and support for their relationship. However, it later turned out that her “partner” was in fact a scammer who took advantage of her. Zuzana was left not only heartbroken, but also financially devastated.

Romance Scams in 5 Steps

1. The scammer contacts a person about whom they often already have a lot of information, gathered from social media or other digital sources.
2. The scammer attempts to build a deeper emotional connection with the person—often of a romantic nature.
3. Once a deeper bond is formed, the scammer starts trying to extract money from the victim.
4. The scammer typically invents a financial emergency or a difficult life situation. Another common tactic is offering an investment opportunity involving crypto-assets.
5. Once the victim sends the crypto-assets, contact often ends immediately. However, in some cases, the scammer continues manipulating the victim to extract even more money through crypto-assets.

Explanation of the Scam

Romance scams are quite different from other types of crypto fraud. Like many other scams, they’re not exclusive to crypto—they happen in traditional markets too. But in these cases, crypto-assets are often used due to the finality of crypto transactions and the near impossibility of reversing them.

Romance scams are among the most emotionally damaging types of fraud. Besides the financial loss, there’s often deep emotional trauma, which can be even more painful. Compared to other types of scams, this one is also usually the slowest in execution. Scammers may spend weeks or even months communicating with potential victims. This time is used to build a strong emotional bond, which the scammer then exploits as a powerful manipulation tool.

Once the scammer has gained enough trust, they begin asking for money in the form of crypto-assets. They use various fabricated reasons, such as a bad financial situation, family troubles, an investment opportunity, or simply a desire to take the relationship to “the next level.” However, as in other scams, once the victim sends crypto-assets, it is almost certain they won’t get them back. Scammers often use fake names, social media accounts, and other deceptive means to hide their identity—making it nearly impossible to track them down.

NBS Advice

Even the fictional story at the beginning of this article highlights the dangers of romance scams and the importance of being cautious when sharing personal information or financial assets online. Prevention and carefully verifying the identity of people you meet on the internet are key to protecting yourself from romance scams involving crypto-assets.

If someone you’re emotionally involved with only communicates online and asks for sensitive data (passwords, banking details, or private crypto wallet keys), there is a high chance they are a scammer.

Other important points include:

• Don’t trust sudden declarations of love followed by pressure to invest.
• Be cautious if someone shows excessive interest in your financial situation or investment plans.
• Never send crypto-assets to people you’ve never met in person or whose identity you cannot verify.
• Follow digital security best practices.
• Be careful when sharing personal or financial information online.

If you suspect a scam, contact the Slovak Police (Polícia SR).

Last updated on 25 Mar 2025