NEWS BRIEF

It appears that the darker side of romance has come to the forefront, as the financial losses incurred by individuals in 2024 due to love-baiting scams, also known as


pig butchering


scams, have increased by 40%.

According to ChainAnalysis, these scams, which involve fraudsters approaching victims on dating apps or sites, building a relationship with them, and convincing them to provide money or invest in a supposed “business venture,” are on the rise. The number of individuals losing money to these scams has increased by 210% year-over-year in 2024, likely due to the growing number of scams in circulation. Moreover, these operations are increasingly being run from compounds in Southeast Asia, where staff members are being


held against their will


.

On a positive note, the average loss per person has decreased by 55% year-over-year.

“The combination of lower payment amounts and increased deposits could indicate a strategic shift in pig-butchering scams,”


researchers noted


. “Scammers may be spending less time grooming targets, resulting in smaller payments, but targeting a larger number of victims.”

Overall, given that romance baiting accounted for a third of total crypto fraud revenue in 2024, the signs suggest that romance scams may become even more prevalent in the coming year. Users of dating apps should exercise caution when connecting with others online and


avoid sending money


, cryptocurrency, wire transfers, or prepaid gift cards to individuals they do not know personally.