Investment and romance fraud cases triple in first eight months of year

Incidents of investment fraud and romance scams via social media have more than tripled in the first eight months of this year, the National Police Agency said Wednesday, prompting authorities to raise awareness about them.

A total of 6,868 reports of such cases involving losses amounting to nearly ¥88 billion ($600 million) were filed with police during the period, up from 2,008 cases and ¥21.1 billion, respectively, in the same period last year.

In investment fraud cases, scammers pretend to be knowledgeable investors or celebrities whom victims can trust, while in romance scams, scammers court victims through dating apps and trick them into sending money.