How to Spot and Dodge Romance Scams
What You Need to Know About Romance Scams
Romance fraud has been growing over the last decade and grew during the pandemic when there was a surge in cybercrime and cyberattacks. According to the Federal Trade Commission, consumers lost $1.14 billion to romance scams in 2023,
In romance scams, a scammer creates a fake online persona to win a victim’s affection and trust. Once the victim feels a connection, the scammer uses the pretend relationship to manipulate and steal from them.
The biggest factor with romance scams is the amount of time and energy that scammers and criminals are putting into grooming. They take their time getting to know you, empathizing with you and spending time building a connection before asking for a loan, funding, or an investment. This tactic makes even those who are smart, savvy, and highly technical people break down their guard – unfortunately getting victimized. Scammers take advantage of the highly detailed information that people share online to build rapport and gain confidence
The more you share, the more they’ll pull you in.
– Scammers know how to create a web of trust just to turn it against you.
Watch Out for These Types of Romance Scammers
1. The Alluring Face
These types of scammers usually start off friendly by sending a couple of photos (usually of someone else) to catch your attention, and then attempt to seduce you by flirting. They continue by starting to steer the conversation towards investing.
Red Flag: They will usually mention investments in crypto or exclusive platforms that aren’t well-known or easy to research. If someone you don’t really know is pushing an “amazing financial opportunity” take a step back.
2. The Inquisitive Stranger
These scammers come off as genuinely interested in getting to know you by asking about your job, hobbies, and life. Over time they try to build you up and make you feel special. Then they pitch you a “once-in-a-lifetime” investment opportunity.
🚩 Red Flag: Real financial advisors don’t message strangers on dating apps. If someone you just met online is trying to get you to invest, it’s time to hit the brakes.
If it sounds too good to be true, it probably is.
– A little skepticism goes a long way when dealing with online strangers.
3. The Educational Expert
This one will act as if they’re doing you a favor by sharing “insider knowledge” about a specific investment or new asset. They might use financial words to sound legit, and then offer a partnership to help you cash in.
🚩 Red Flag: Most of the time these scammers create fake websites that look real. It’s more than likely a scam if you can’t easily verify the platform.
4. The Tragic Victim
Sometimes scammers tug at the emotions by sharing a sad story, like a family member who’s sick, financial hardship, or some urgent crisis. Many times they ask for help and promise to meet in person later to thank you.
🚩 Red Flag: Always verify someone’s identity before getting involved. Scammers use empathy as bait, so ask for basic information. If it doesn’t feel right, trust your gut.
Quick Tips to Staying Safe
Stay Cautious: Be hesitant and think twice if someone you barely know starts talking to you about making investments.
Verify Identities: Ask for real information that you can confirm.
Report Suspicious Accounts: Most apps let you easily block and report questionable users.
Protect Yourself and Your Loved Ones
Scammers prey on trust, but awareness is the best defense. Share this information with friends and family so they’re aware too. We can all help keep each other safe from these romance scams.