A romance scam is when a scammer pretends to fall in love with you in order to take your money. It usually starts on a dating app or social media and can go on for weeks or months before money comes up. Romance scams rely on social engineering: trust is the weapon.
How does a romance scam work?
The scammer uses fake photos and a made-up story, often about working abroad, for example on an oil rig or in the military. Gradually a problem comes up that needs money: hospital bills, customs fees or a flight home.
A common variant involves crypto. Instead of asking for money, the person says they have made good money on crypto and offers to teach you. You are directed to a fake investment site that shows healthy gains, but when you try to withdraw, the money is gone. This is really an investment scamInvestment scamA scam that promises big, safe returns on an investment, often in crypto, while the scammers simply take the money paid in. in disguise, sometimes called pig butchering.
Warning signs
The 112 website lists signs including:
- The person falls in love very quickly and says so again and again.
- They want to move the conversation off the dating app to SMS, email or phone calls.
- They are always about to meet you, but something always gets in the way.
- They hint that they urgently need money.
Other red flags are being asked to keep the relationship secret, or to send crypto to a wallet addressWallet addressA string of letters and numbers you give out to receive crypto, much like a bank account number. they give you.
What should you do?
If you suspect a scam, stop all contact. Never send money or crypto to someone you have never met. If you have sent money, contact your bank straight away, then report it to the police through Ísland.is. There is no reason to feel ashamed: these scams are organised, and anyone can fall for one.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.