FSMA Warns of Rising Romance Investment Scams Originating on Dating Platforms

The Financial Services and Markets Authority (FSMA) has published a warning highlighting the growing threat of romance investment fraud. These schemes frequently originate on popular dating applications such as Tinder, Bumble, and Hinge, as well as mainstream social media networks like Facebook and Instagram, or even via messages sent under the guise of being a wrong number. According to the FSMA, fraudsters cultivate a relationship with their targets before pivoting the conversation to finance. Posing as successful cryptocurrency or trading investors, mentors, or romantic partners, the scammers convince victims to move communications to private messaging channels like WhatsApp or Telegram. They then persuade victims to place funds into fraudulent trading platforms, sometimes even offering to co-invest to build trust. Once victims register on the recommended platform and transfer funds, the criminals manipulate the interface to show fictitious profits and may permit small initial withdrawals to manufacture credibility. However, when victims attempt to withdraw larger sums, the platform blocks the requests, demanding additional payments under pretexts such as administrative fees or taxes. Eventually, the platform ceases operations and vanishes with the deposited funds. The FSMA notes that this fraud is a global issue affecting men and women across all demographics, highlighted in coordination with the International Organization of Securities Commissions (IOSCO) during World Investor Week. For individuals who may have been targeted by such schemes, the regulator recommends taking immediate action: cease all transactions and communication with the perpetrator, inform your bank immediately, file a formal complaint with law enforcement and the FSMA, and retain all documentation, including messages, statements, and transaction screenshots. The FSMA also cautions victims to be alert to recovery room scams, where secondary fraudsters demand fees under the false promise of retrieving lost funds. Investors should always verify whether a financial service provider is authorized and listed on regulatory registries before committing funds.