Protect Your Wallet and Heart This Valentine’s Day
According to the Federal Trade Commission (FTC), more than $1.3 billion vanished in 2022 due to romance scams. The surge in online dating has amplified this deception, impacting more than 70,000 Americans.
Are you longing for a special someone to share Valentine’s Day with? Young and old alike are falling prey to romance scams.
Popularity of Online Dating
With the rise of online dating, romance scams are easier to accomplish. You’re eager for a face-to-face meeting, but they can’t comply. Their excuse is often seamlessly woven into their fabricated identity.
Asserting to be stationed on a distant military base is the most prevalent pretext, while working abroad or traveling for work is another frequent reason. Frequently, these perpetrators focus on older individuals and those facing challenges in relationships or experiencing emotional vulnerability.
According to the FTC report, romance scammers frequently target individuals seeking love through dating apps. However, reports of romance scams initiated with unsolicited private messages on social media platforms are even more prevalent.
Surprisingly, 40% of those who reported financial losses to romance scams disclosed that the initial contact occurred on social media, while 19% mentioned it began on a website or app.
Numerous victims reported that the scammer swiftly transitioned from charming conversations on dating apps to WhatsApp, Google Chat, or Telegram platforms.
Generational Divide With Online Scams
Younger individuals are targeted differently compared to older folks. Individuals aged 18 to 29 were more than six times more likely to report falling victim to “sextortion” compared to those aged 30 and above.
That’s when scammers manipulate individuals into sharing explicit photos. Once shared, the once lovely potential companions turn dark, threatening to expose victims to their social media connections.
Approximately 58% of sextortion reports in 2022 cited social media as the initial contact method, with Instagram and Snapchat being the most commonly mentioned platforms.
Older adults experiencing loneliness and isolation are particularly susceptible to romance scammers posing as helpful individuals. They may present themselves as successful stock investors offering to teach you the ropes, but any funds you “invest,” end up in their pockets.
Alternatively, they could claim to have sent you a valuable package or mistakenly detained by foreign government officials, requiring you to send money for fictional “customs” or other fees. It’s all a deception — you send the money, and the promised package never materializes.
Some romance scammers also fabricate stories about being sick, injured, or in legal trouble, creating a false pretext to persuade you to send them money.
Romance Scams Are Hard To Investigate
Proving and investigating this crime poses significant challenges, primarily because many scammers operate overseas. They function not as solitary operators but as part of organized fraud rings, employing sophisticated techniques. Additionally, these scammers are known to engage in phone number spoofing.
They may even hire actors to communicate with victims over the phone, enhancing the establishment of trust obtained through deceptive means.
Many victims hesitate to report the crime due to feelings of embarrassment and humiliation arising from being deceived, primarily when they have invested emotionally and financially in the relationship. This leads victims to send money to scammers and exposes them to additional fraudulent schemes.
The personal and intimate information shared by victims is often exploited for identity fraud and financial account takeovers, among other scams.
Scammers sometimes manipulate victims into unwittingly participating in criminal activities, such as laundering and transferring fraudulent funds, leaving the victims financially and potentially criminally liable.