Interpol Finds Catfishing Investment Scheme Targeting Dating App Users

A new investment scam targeting dating app users has been detected by Interpol, according to ZDNet.

The International Criminal Police Organization (Interpol) issued a “purple notice” to 194 member countries, describing a new money-making scheme on dating apps, according to ZDNet. Interpol stated that the scam “takes advantage of people’s vulnerabilities as they look for potential matches, and lures them into sophisticated fraud scheme.”

The scammers have set up fake profiles in apps like Tinder, Bumble, and eHarmony, and match with users who don’t know they are scammers. The scammers then message their targets pretending to be interested in them romantically in order to build trust, occasionally giving them investment “tips” to turn the conversation towards money.

Then the scammers lure the targets to download a fake trading app, sign up for financial products, and join a so-called investment chain, according to ZDNet, all from building rapport over a dating app. Once their matches download the fake app or check out the financial products, the scammer provides incentives for them to make “investments” or buy their products, offering “VIP” and “Gold” status to their victims in exchange.

What makes it so worrisome is that effort was put into the scam to make it look legitimate, with a website and real “customer service” agents offering to help with investment purchases. On top of that, the scammers are using emotional manipulation by targeting dating app users who are looking for love, not for investment advice. But once the trust is built, it’s easier to execute the fraud. 

Once the victim has paid, they are locked out of their fake investment account, the scammer disappears and the user is unable to contact them.

Security crackdowns on dating apps have increased in the past year, thanks to increased activity and sign-ups due to the pandemic, as well as a growing awareness of the vulnerabilities on these platforms.

Match Group has added an executive position and a security advisory council to help boost security on its app after a scathing report from the Australian Broadcasting Company that many Tinder users who experienced sexual assault after meeting someone they matched with over the app never heard from the company when they filed complaints. 

A report in 2019 also found that dating apps were extremely vulnerable when it came to personal data security. Most people share detailed and valuable information over dating apps – such as location, sexual preference, and job details – but don’t realize how easy it is for a third party to access this information, or for security measures like usernames and passwords to be exposed.

Interpol warned that online daters should be more cautious, especially during the pandemic when they have seen an increase in fraudulent activity.