In recent years, romance-based fraudsters have exploited weaknesses and manipulated victims’ emotions to defraud them of billions of dollars. Before sending their victims to phony bitcoin investing sites, these scammers use complex techniques to win their trust.
Victims are under pressure to contribute bigger funds after witnessing tiny investments produce what seem to be substantial (but fake) returns. Only when victims realize their profits are a lie and suffer terrible losses does the deception come to an end.
Even while these frauds have been successful, they frequently involve prolonged manipulation, giving victims plenty of chances to identify warning signs. Richer people who can afford big investments have historically been the target of these scams.
This strategy has mainly ignored a larger, less wealthy market. However, there has been a recent change in the strategy used by fraudsters, who are now targeting financially unstable people with job-related scams.
The FBI in the United States warned the public in June 2024 about an increase in fraudulent job scams that are being discovered on mobile devices.
Psychological warfare onset
Once referred to as “pig butchering,” romance baiting is a cybercrime based on social engineering. It is not dependent on malware, zero-day exploits, or vulnerabilities in the system. Human faith is the only thing it depends on. The attacks are persistent, intentional, and personal. Furthermore, the playbook is unnervingly successful despite its simplicity.
This deception is serious. It’s psychological warfare, designed to influence the target’s emotions, disarm their judgment, and obtain resources. Additionally, it is being carried out globally using automation, artificial intelligence, and professional-level scripts that are occasionally created by psychologists.
How The Scam Works?
Usually, the fraud begins with an unwanted communication on social media, WhatsApp, Telegram, or SMS. The fraudsters pose as recruiters and offer an alluring remote employment opportunity. This pitch frequently grabs job searchers’ attention, as remote positions continue to draw interest.
After the victim shows interest, the scammer explains the alleged work, which might include everything from promoting Spotify music streams to evaluating TikTok items. The victim is then directed to register on a malicious website using a referral code.
Unless the website is registered, its content is concealed, making it difficult for cybersecurity defenders to find and remove such domains without strong proof.
In order to build a “training account,” the fraudsters encourage victims to send images of their profiles once they have enrolled. The scam eventually gets more complex, with victims being told to do things like stream music or evaluate items. Although this step changes depending on the nature of the scam, the fundamental component is always the same: victims are duped into clicking, leaving phony reviews, or taking part in other fraudulent actions.
Why Do Individuals Fall for These Frauds?
Dr. Bob Hausmann, a psychologist, and Proofpoint researchers discovered three psychological processes involved in these scams:
Even when there are no obvious benefits, victims are hesitant to give up an opportunity after spending time or money.
More investment is made because the fear of losing money outweighs the desire for comparable rewards.
By paying for first losses, scammers seem to be doing a favor, which makes victims feel obligated and motivated to keep going.
Because of these psychological concepts, romantic frauds are remarkably successful. Victims ignore warning signs and keep investing in what they believe to be genuine prospects because they are in dire need of money and expect large returns.
The Effect on Finances
In order to track public wallet addresses connected to these employment frauds, Proofpoint researchers partnered with Chainalysis, a cryptocurrency investigative company. They discovered that in just two months, a phony employment site called daptonerecordsmusicalbums[.]com, which was posing as a record company, generated over $300,000 in Bitcoin and Ethereum. The money were connected to a number of fraudulent employment schemes and short-term trading frauds.
The Story of a Woman and Why It Is Important
Another example is Judith Boivin, an 80-year-old Maryland retiree who has dedicated her life to serving others. She was a social worker, a psychotherapist, and a nurse. She was the type of person who had no reason to doubt the legitimacy of a call from the government, trusted institutions, and believed in public duty.
September 2023 was the month of that call. She was informed by a man posing as an FBI agent that drug traffickers had stolen her Social Security number. He claimed that a significant fentanyl probe involving the Sinaloa cartel had included her name. She was informed that she needed to comply because she was a material witness in an ongoing federal prosecution.
Defending Against Job and Romance Scams
Fraudsters still use romance and employment offers as bait to entice victims with the promise of easy money. To protect both yourself and other people:
Keep an eye out for unsolicited employment offers, particularly ones that come through messaging apps or social media.
Don’t pay money to someone posing as an employer.
Check for genuineness and raise doubts about offers that seem too good to be true.
Spread the word about these scams—fighting fraud requires awareness.
Scams involving cryptocurrency investments and employment are still common. These frauds target gullible people with sophisticated tactics. Potential victims can better defend themselves against these destructive traps by being aware of their strategies.
