SCAM AWARENESSFriendship investment scams
In a friendship investment scam, a stranger becomes your online friend and then introduces an investment that seems too good to miss. The friendship feels real, which makes the pitch easier to trust. These scams often involve cryptocurrency or a trading app and can go on for months before the victim realizes the money is gone.
How this scam works
Many of these scams start with a text that looks like a wrong number, or a friendly message on social media or a professional networking site. The person apologizes, keeps chatting, and slowly becomes a friend. They share photos of a comfortable lifestyle and mention that an uncle, mentor, or special app helped them earn money investing.
After a while, they offer to show you how. They guide you to set up an account on a trading site or app and send money, often in cryptocurrency. Your account shows quick gains, so you invest more. When you try to withdraw, fees appear, or your friend pressures you to add funds. Eventually the platform and the friend disappear.
What it can look like
EXAMPLE · NOT A REAL MESSAGESorry, wrong number! I meant to text my yoga instructor. You seem nice, though. Where are you from? ... My uncle taught me a trading strategy that earns about 5% a day. I'd love to show you. Just download this app [link] and start small.
Warning signs
- A friendly conversation starts with a wrong-number text or random message.
- The new friend talks often about their wealth or investment success.
- They offer to teach you a secret or guaranteed trading strategy.
- They send you to a specific app or website to invest.
- They ask you to buy crypto and move it to their recommended platform.
- They become pushy or upset when you hesitate to invest more.
How to protect yourself
- Do not keep chatting with strangers who text a wrong number.
- Never invest based on advice from someone you have only met online.
- Do not download apps or visit sites an online friend recommends for investing.
- Check any firm or advisor on Investor.gov before sending money.
- Ask a trusted family member or independent professional for a second opinion.
- Remember that real investments do not come with guaranteed daily returns.
If you already responded
- Stop sending money and stop communicating with the online friend.
- Contact your bank or the crypto exchange you used to report the fraud.
- Save all chats, screenshots, wallet addresses, and transaction records.
- Report the scam to the FTC, the FBI's IC3, and the SEC or CFTC.
- Be wary of anyone who later offers to recover your losses for a fee.
Get step-by-step recovery help →
Where to report it
- File a complaint with the FBI's IC3 ↗
- FTC: What to know about cryptocurrency and scams ↗
- Submit a tip to the SEC ↗
Common questions
Is a wrong-number text a scam?
Not always, but scammers often use friendly wrong-number texts to start a conversation. If the stranger keeps chatting, becomes a friend, and later brings up investing, it is very likely a scam. The safest choice is to not reply, or to block and delete the message.
How is a friendship investment scam different from a romance scam?
Both build trust over time before asking for money. A friendship scam relies on friendly chat or mentoring instead of romance, and it usually leads to a fake investment rather than an emergency. Either way, the person is a stranger online, and you should never let them guide your money.
What should I do if my online friend's investment app won't let me withdraw?
Stop depositing money immediately. Demands for fees or taxes before you can withdraw are a strong sign the app is fake. Save your records, contact the exchange or bank you used, and report the scam to the FTC, IC3, and SEC or CFTC. Avoid paid recovery offers.