In recent years, “romance scams” that combine emotional manipulation with financial fraud have become increasingly rampant, causing many victims not only to suffer financial losses but also immense emotional trauma. These scams often exploit people’s desire for love and trust, leading victims step by step into carefully designed investment traps.
Recently, a romance scam involving a “fake GTCFX” platform has once again sounded the alarm. A South Korean investor met a stranger on a dating app and was lured into an investment, resulting in heavy losses. This type of “double-kill scam” not only causes victims to lose money but also destroys their trust in humanity.
The “fake GTCFX” scam began with a seemingly harmless online encounter. An investor living in South Korea met a man on a dating app who claimed to be from Japan and currently living in Korea. The two chatted for a while on WhatsApp, establishing an initial bond of trust.
This is a typical tactic of romance scams: scammers invest time and energy to build an emotional connection with the victim through daily conversations and sharing life details. They may show great care, understanding, and charm, making the victim fall under the illusion of being in a relationship and even fantasize about a shared future. This emotional investment makes victims lower their guard when faced with subsequent investment suggestions, as they believe it is well-intentioned guidance from a “lover.”
Once an emotional foundation is established, the scammer begins to steer the conversation toward investing. In this case, the man persuaded the victim to invest through an online trading platform called “GTCFX.” Trusting him, the victim accepted the proposal and opened a trading account using the link and guidance he provided.
To further lure the victim into investing more funds, the scam group first lets the victim “taste some profit.” After trading Bitcoin and spot gold, the South Korean woman did indeed make a “profit” of nearly $2,000. This small gain is a common trick used by scam groups to create the illusion that the platform is real, reliable, and guarantees profitable investments, thereby inducing the victim to invest larger sums of money.
When the victim attempted to withdraw her funds, the true nature of the scam began to surface. She applied to withdraw $1,500 but was told that her account was subject to certain restrictions and that she had to pay an additional “personal income tax” of 20% of the withdrawal amount to proceed. This is a common fraudulent tactic that exploits the victim’s eagerness to withdraw money by creating various excuses to demand extra fees.
However, even after paying the $300 “tax fee,” the platform still rejected her withdrawal request. This time, the platform staff claimed that her account could only be fully withdrawn and that she had to pay a personal income tax of 20% of her account balance to release the funds. At this point, her account balance was $6,718.68, and the platform demanded another 1,040 USDT (approximately dollars) to complete the withdrawal. This continuous demand for additional fees is the essence of the “double-kill”—the victim not only loses the initial investment but is also forced to pay extra fees, falling into a vicious cycle.
Faced with a confused victim unwilling to pay more fees, the man from the dating app pretended to offer help but ultimately sided with the “GTCFX” platform, urging her to pay the additional fees quickly. In reality, this man was likely the same person as the platform’s customer service, with the sole purpose of extorting more money from her.
Screenshots provided by the victim showed that the trading platform she used had a very rudimentary interface. Although it bore the logo and name of the Dubai-based forex dealer GTCFX, the logo was distorted, and there was no registration information or regulatory details. This clearly indicated that the victim was using a fraudulent trading platform with no connection to the real GTCFX. In the end, the woman was scammed out of a total of $5,039.
The “fake GTCFX” case once again demonstrates that romance scams exploit victims’ trust to lead them to fraudulent investment platforms, causing not only severe financial losses but also significant psychological distress. To protect your financial and emotional well-being, Cashback Island reminds you to be vigilant and master the following key prevention tips.
Always maintain a high level of suspicion regarding any investment advice from “friends” or “lovers” you’ve recently met on dating apps, social media, or other online platforms. Scammers are skilled at building trust through emotional connection and then luring you into investments. Remember, true love will not ask you to sacrifice your assets.
Before making any investment, be sure to verify the trading platform’s regulatory status through official financial regulatory agency channels. Legitimate financial platforms will clearly display their licenses and regulatory information. Stay away from platforms with rudimentary interfaces, distorted logos, or a lack of registration or regulatory details.
Legitimate investment platforms do not require investors to pay extra “personal income tax,” “handling fees,” “processing fees,” or any other fees to withdraw funds. Such requests are almost always clear signs of a scam. If you encounter such a situation, stop all operations immediately and seek help.
Never easily provide sensitive personal or financial information, such as bank account numbers, passwords, or ID numbers, to strangers or unverified platforms. All investment operations should be conducted through legitimate, regulated financial institutions.
If you have doubts about any investment opportunity or suspect you may be a victim of a scam, immediately consult an independent financial advisor or call an official anti-fraud hotline (such as Taiwan’s “165 Anti-Fraud Hotline”). Seeking help early can prevent greater losses.
The “fake GTCFX” romance scam is a painful lesson, reminding us that while pursuing emotional connections, we must remain highly vigilant against potential financial risks. Scammers exploit human weaknesses, packaging love as bait with the ultimate goal of stealing your wealth.
Cashback Island is committed to providing users with a safe and transparent financial environment. We urge all users not only to be skeptical of unrealistic high returns but also to be wary of investment traps disguised as romance. By raising anti-fraud awareness, learning to identify scam tactics, and utilizing official and trustworthy anti-fraud resources, we can build a strong line of defense to protect ourselves and our loved ones from financial fraud.
Remember, true wealth growth takes time and patience, and true love is built on honesty and trust, not financial transactions.
Cashback Island exposes multiple scam cases each month. Traders can browse the “Cashback Island Scam Alert” in real-time to avoid falling victim to new types of financial fraud.
