A new study has revealed that there has been an increase in South Korean crypto scams targeting young women on social media platforms.
Per iNews24 And hanguk kyungjaeThe study revealed that 71% of “romance scam victims” via social media in 2022 were women.
Most of these women were “39 years of age or younger”.
About 63% of these “romance scams” used crypto, fake coins, fake foreign currency transfers, or fictitious token trading platforms.
The data was compiled by a postgraduate student at the elite Korea University and used data from recent police reports.
The study shows that most scammers appear to be using Instagram.
Many scammers are also using dating apps like WIPPY (14%) and Tinder (7%).
The study found that social media-based scammers are currently doing around half a million USD worth of fiat and crypto a month.
But this figure does not include scams that go unreported.
Crypto Scams Target Young Korean Women – Scammers’ Methods
The study examined data on 280 cases reported to police agencies in the first half of 2022.
But police are concerned that crypto-related scams are on the rise in South Korea.
they have responded by Formation of special crypto scam fighting departments and investing in crypto-specific training for executives.
Typical “romance scam” crypto fraud methods include “asking victims to help”, exchanging coins or fiat using bogus platforms.
Other fraudsters attempt to dupe young, mainly female victims into believing that they can make easy money by investing in fictitious altcoins.
Some attempt to fool victims by claiming that they need the money to pay for medical costs.
Others claim to be stranded overseas and are in urgent need of money.
Earlier this year, regulation technology developer and security provider Uppsala Security claimed that South Korean scammers are now trying to do the same. Lure users of dating apps to fake crypto mining platform,