Crypto scams targeting young Korean women are on the rise Here’s how the fraudsters operate

A new study has revealed that there has been a surge in cryptocurrency scams in South Korea targeting young women on social media platforms.

The study, conducted by a postgraduate student at Korea University, found that 71% of victims of “romance scams” via social media in 2022 were women, with the majority being 39 years old or younger.

Nearly 63% of these scams involved cryptocurrency, fake coins, fake foreign exchange transfers, or bogus token trading platforms.

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The student compiled the data from recent police reports and found that Instagram was the most commonly used platform by scammers, followed by dating apps like WIPPY (14%) and Tinder (7%).

The study found that social media-based scammers are making off with nearly half a million USD worth of fiat and cryptocurrency a month, but this figure does not include unreported scams.

Crypto Scams Target Young Korean Women – The Scammers’ Methods

The study analyzed 280 cases reported to police agencies in the first half of 2022 and revealed that crypto-related scams are on the rise in South Korea.

Police have responded to the increase in scams by creating special crypto scam-fighting departments and providing officers with crypto-specific training.

The most common fraud methods used in “romance scams” involving cryptocurrency include asking victims to exchange coins or fiat using fake platforms, convincing victims to invest in bogus altcoins, and claiming to need money for medical costs or being stranded overseas and in urgent need of funds.

Earlier this year, Uppsala Security, a regulation technology developer and security provider, reported that scammers in South Korea are attempting to lure users of dating apps onto fake crypto mining platforms.