Romance scams have seen a significant increase, targeting individuals through personal communication channels and resulting in substantial financial losses.

Cryptocurrency has become the fraudsters' preferred medium due to its digital nature, facilitating scams such as approval phishing and 'pig butchering'.

Victims are often coerced into paying ransoms in cryptocurrency, leading to a rise in reports of severe financial detriment.

In 2023, identified scam wallets have amassed over $4.6 billion, indicating a high volume of fraudulent activity.

The prevalence of these scams underscores the risks associated with digital interactions and the imperative for heightened vigilance and education.