A 42-year-old mother of three children claims she lost her entire 401(K) to a scammer on Tinder as others have also reportedly come forward to speak on the issue.
The recently divorced mother said the man she met on the app convinced her to invest in fake cryptocurrency schemes just after she left her second marriage, the Daily Mail reported Sunday.
— Daily Mail Online (@MailOnline) June 18, 2023
Rebecca Holloway reportedly lost over $100,000 to a group pretending to be a French entrepreneur that described himself as Fred who claimed he lived in Philadelphia and had a daughter.
“She is the third victim to come forward in recent months about a cruel scam known as ‘pig butchering’ — whereby victims are effectively ‘fattened up’ with a fake romantic relationship before being ‘butchered’ by fraudulent investment advice,” the Mail report said.
In October, the “pig butchery” scam resulted in a warning from the U.S. Federal Bureau of Investigation, according to the New York Post.
Satnam Narang, a senior research engineer at cyber exposure management company Tenable, told the outlet the scam artists are using the “long con” by spending weeks targeting one person.
They also use social media and apps such as Tinder for their schemes to connect with their victims, later swindling them for large amounts of money through crypto investments.
“They’ve gone to a more elaborate approach rather than just nipping at the heels trying to take you for a smaller amount. This is like big money,” Narang added.
Per the Mail article, Holloway said single women approaching middle age are “vulnerable” to such things.
“We have money but we might not have met the right guy yet. And suddenly this good-looking man starts talking to you and you’re excited,” she said.
The woman also admitted that in recalling what reportedly happened to her, the signs were there but it was difficult to recognize them because a person wants to believe the relationship is real.
Holloway works as a freelance marketing executive. She and Fred reportedly matched on Tinder in March.
After talking about his cryptocurrency investments, she eventually transferred money into what appeared to be a legitimate cryptocurrency platform.
Holloway reportedly later retrieved some earnings, but “Before long, she had cashed out her entire 401K – worth $100,000,” the Mail article said, adding she reported what happened to the Financial Industry Regulatory Authority.
According to Tinder’s website, it is for single people looking for love, those who hope to start dating, or people looking for casual relationships.
In 2017, a viral trend saw women on Tinder scamming men out of $5 to “see what happens,” Breitbart News reported at the time.