John Oliver kills it:
https://www.youtube.com/watch?v=pLPpl2ISKTg
10, 20, or 30 years ago, scamming relied upon either the stupidity of its victims or -less emphasized- hitting the vics at a vulnerable time of their life, due to old age or a sequence of bad luck, so that good judgment was suspended. Send out 10 million messages, get 1 million prospects and maybe 100 hits. Though 10 will do. Or even one.
This scam operates at a higher level. It’s a slower burn: The idea is to reel you in with a few days of banter (could be as long as one month) followed by… an appeal to get you to load an app on your phone. An app that has good ratings at the app store. Your friend will guide you through it. Or not. No need to send him money.
That’s not exactly my vulnerability: crypto phone apps aren’t my thing, even established ones. But I gotta say, the bad guys seem clever enough to locate something that might be my (currently unknown) vulnerability.
Wiki article:
Brian Krebs:
The victims are usually either young and single or older and single individuals. The scammers aim to show a romantic relationship with the victims and gain their trust. Once a connection is formed, the scammers introduce the victims to a fake cryptocurrency investment platform. The platform appears legitimate and promises high returns on investments within a brief period. The victims are encouraged to invest more money, often by a dedicated investment advisor or mentor provided by the scammers.
The investment platform may display fake trading data, giving the illusion of successful investments and large earnings. However, when victims try to withdraw their funds or move them to another platform, complications arise. The scammers may request more payments for taxes or fees, claiming that it is necessary to access the funds. Ultimately, the victims end up losing their money and the scammers disappear.