Rising South Korean Crypto Scams Targeting Young Women on Social Media Platforms

In a concerning trend, a recent study conducted by a postgraduate student at Korea University has shed light on the surge in South Korean crypto scams targeting young women through social media platforms. The study revealed that 71% of “romance scam victims” in 2022 were women, primarily aged 39 or below. These scams heavily rely on cryptocurrencies, fake coins, and deceptive trading platforms.

The Rise of South Korean Crypto Scams :

According to the study, most romance scams (63%) exploit cryptocurrencies, fake foreign exchange transfers, and fraudulent token trading platforms. Instagram emerged as the preferred platform for scammers, but dating apps such as WIPPY and Tinder also played a role. Shockingly, the scammers extracted nearly half a million USD worth of fiat and crypto per month from their victims, though the actual numbers could be even higher due to unreported cases. This alarming trend has prompted authorities to take action against these crypto-related scams.

Government Response and Law Enforcement Efforts:

Recognizing the gravity of the situation, South Korean law enforcement agencies have established dedicated departments to combat crypto scams and are investing in specialized training for officers. These proactive measures aim to enhance their ability to identify and apprehend scammers operating within the cryptocurrency space. By doing so, authorities hope to curtail victims’ financial losses and emotional distress.

Common Techniques Used by Scammers :

The study identified several prevalent methods employed by romance scammers. One tactic involves persuading victims to assist with exchanging cryptocurrencies or fiat through bogus platforms. Another deceitful approach targets young women, convincing them that investing in fake altcoins is an easy way to make quick money. Some fraudsters exploit victims by claiming urgent medical expenses or feigning stranded situations abroad, requesting funds to return home. In a disturbing development, scammers have even begun luring users of dating apps onto fake crypto mining platforms, as highlighted by Uppsala Security.

As South Korea grapples with the rise of crypto scams targeting young women on social media platforms, authorities are taking proactive steps to counter this growing threat. Law enforcement aims to dismantle these fraudulent operations and safeguard potential victims by establishing specialised departments and providing comprehensive training. Raising awareness about these scams and promoting digital literacy among the public can create a safer online environment.