Digital Romance Scams: A Guide for High-Profile Professionals

For a business leader, investor, or executive with financial access or visibility, a text from a stranger saying “Hi, is this Alex?” isn’t just spam, it may be the first move in a sophisticated crypto romance scam meant to target you and your company’s assets.

According to the FBI, digital romance scams involving cryptocurrency have resulted in over $75 billion in losses, and the numbers continued to rise. Victims often lose six or seven-figure sums. Unlike traditional phishing, these spear-phshing scams don’t rely on a slip-up; they rely on weeks of engineered trust.

This emerging cybercrime tactic targets high-profile professionals by blending emotional manipulation, fake investment opportunities, and crypto fraud into one calculated con. The goal: earn your trust to drain your personal and corporate accounts.

How Do Crypto Romance Scams Work?

Digital romance scams, also known as pig-butchering scams, refer to the fraud in which a target is gradually swayed with affection, trust, or fake investment success before being financially taken advantage of—usually through fraudulent crypto platforms.

These scams are meticulous, drawn-out operations. Fraudsters pose as romantic partners or friendly investors, building rapport over weeks or months via text messages, social media, or dating apps. The goal is to build an emotional connection and false confidence—then to go after their assets.

The Role of Phishing Texts in the Scam

These scams often start with a seemingly innocuous text, such as:

“Hey, is this Jessica? We met at the gala last weekend.

Or even:

Hi! Sorry if I have the wrong number, but you seem familiar. :)

From there, the conversation drifts into personal bonding, then investment talk. Before long, the target is being nudged into a crypto “platform” that the scammer claims to use that is fully controlled by the fraud ring.

Romance Scams: The Long Con

At the core of many of these schemes is the romance narrative. The scammer often claims to be a successful entrepreneur, financier, or globe-trotting investor—someone who “understands” the target’s busy lifestyle. They don’t rush. They mirror values. They build what feels like genuine emotional intimacy. Then comes the pitch:

My business partner works for a crypto fund that’s having a limited window of access for new investors. I could get you in.

Once the victim transfers funds to a fake trading app or platform, they may even see impressive gains. When they try to withdraw, though, they’re told their account is frozen unless they deposit more. The cycle continues until the victim catches on or the scammers vanish.

Why Executives and High-Profile Individuals Are Prime Targets

Crypto romance scams aren’t a volume scam—they’re a high-effort, high-return operation. And that’s why executives, founders, family office leads, and high-access employees are increasingly in the crosshairs.

Scammers look to target:

  • Individuals with visible wealth or professional clout (Executives with media exposure, or anyone with high-access job titles on LinkedIn).
  • People with access to high-value accounts, such as crypto wallets, corporate funds, or investment accounts.
  • People with publicly available personal information, such as celebrities, influencers, professional athletes, and anyone else whose personal assets and background are publicly reported online.

In the Heartland Tri-State Bank Collapse in 2023, banker Shan Hanes embezzled $47 million from the bank to fund his personal crypto investments via one of these schemes. He pleaded guilty and received a 24-year prison sentence in 2024.

There have been numerous other instances where high-profile and high-access professionals have been the victims of such fraudulent tactics. However, due to the potentially embarrassing nature of these scams for both the individuals and their associated companies, even more may be going unreported.

How to Respond to “Romance-Scam” Texts

It is imperative high-profile and high-net-worth individuals (HNWIs) know how to properly respond to scam texts, as they likely are already receiving them. If you receive a suspicious text, whether it’s a “wrong number” or a seemingly friendly message, follow these steps:

  1. Don’t respond. Any reply validates your number as “active” and may trigger further targeting.
  2. Block the sender. Don’t give them time to build rapport.
  3. Report the number to your carrier or to the FTC via reportfraud.ftc.gov.
  4. Don’t engage emotionally. Even if it feels harmless, these scammers are trained in psychological manipulation.
  5. Alert others in your professional circle. Especially if your role includes financial access or investor relationships.

Responding at all (even with a short “wrong number”) can escalate your targeting. Many romance scam operations maintain databases of “responsive” numbers to pursue further.

How to Protect Yourself & High-Access Employees from Targeted Attacks

To avoid becoming a victim:

  • Use a digital privacy service to remove your contact details, personal data, and professional affiliations via data broker removal services.
  • Avoid discussing your finances or crypto interests with anyone you haven’t met in person and verified. This also includes sharing information in any public spheres, such as social media or other forums.
  • Don’t trust screenshots of crypto “profits” or trading apps—they’re easy to fake. And even if profits actually accumulate in your account, it doesn’t validate the authenticity of the relationship. Crypto romance scammers are willing to “invest” hundreds or even thousands of dollars in their efforts to pull off the larger scam.
  • Verify before investing. No legitimate advisor will push you to act fast via text. Research any platform or app before investing or even inputting your personal information.
  • Secure your phone number and social media accounts. Use two-factor authentication and hide professional contact info when possible.
  • Seek out comprehensive personal cybersecurity services. Executive, celebrity, and HNWI cybersecurity services are tailor-made to help protect high-profile individuals from the digital scams developed to attack them. Services like BlackCloak are here to assist.

Final Thoughts: Protect Corporate & Personal Assets from Scammers

Crypto romance scams are chilling not just for their financial impact, but for how intimately they intrude into the personal lives of high-level professionals. When emotional manipulation meets financial fraud, even the savviest individuals—and their associated corporations—can be compromised.

BlackCloak helps high-profile individuals protect their digital footprint and personal devices from the rising tide of social engineering threats. Learn how we safeguard your privacy, your assets, and your peace of mind. Contact our team today.