Crooks lure victims with love in a gloomy market

The number of romance scams have been on the rise, according to blockchain data expert Chainalysis. PHOTO ILLUSTRATION: THE NEW PAPER FILE
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The implosion of global digi-currency trades in 2022 left many crypto scammers high and dry, but they are fast turning to new ways to lure victims, including fake romantic enticements that can trap the unwary.

The fraudsters have certainly felt the pinch: The earnings of such crooks globally plunged from about US$11 billion (S$15 billion) in 2021 to US$6 billion in 2022.

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