Romance scams are becoming more common, and they aren’t just targeting older individuals. Scammers are using emotional manipulation to exploit the human desire for connection and steal both hearts and hard-earned money. These deceptive criminals often use sophisticated tactics to gain trust and ultimately steal from unsuspecting victims.
The Cost of Love (Lost):
The financial impact of romance scams is staggering. According to the FTC reports from 2023 “losses to romance scams total $1.14 billion, with median losses per person of $2,000 – the highest reported losses for any form of imposter scam. That suggests that when romance scammers have their hooks in a person, the financial consequences can be devastating.” [access their post here]
How Romance Scams Work:
Romance scams typically follow a predictable pattern:
- The Setup: Scammers create fake profiles on dating sites or social media, often using stolen photos and fabricated details to attract attention.
- Building Trust: They engage in friendly, charming conversations, quickly building rapport and expressing strong feelings to establish a connection.
- The Request: Over time, they introduce financial requests, often citing emergencies, travel expenses, or investment opportunities as reasons for needing money.
- The Vanishing Act: Once the victim has sent money, the scammer disappears, leaving them heartbroken and financially devastated.
Practical ways to safeguard against scammers:
Take It Slow
- Be cautious of rapidly escalating emotions. If someone you’ve just met online expresses strong feelings or commitments too quickly, it’s a potential red flag. Genuine relationships take time to build.
Avoid Sending Money
- Never send money to someone you haven’t met in person. Be especially cautious of financial requests disguised as emergencies, investment opportunities, or travel expenses.
Verify Their Identity and Story
- Use a reverse image search on profile photos to confirm they’re genuine and not stolen from legitimate profiles or stock images. Additionally, pay attention to inconsistencies or vagueness in their stories. Scammers often craft elaborate yet conflicting backstories and excuses for avoiding in-person meetings. If something doesn’t add up, trust your instincts.
Don’t Be Pressured
- Be wary of urgency. Scammers often create a sense of pressure, urging you to act quickly without thinking things through. Take your time to evaluate the situation.
Avoid Untraceable Payments
- Refuse requests for gift cards, cryptocurrency, or other hard-to-trace payment methods. These are preferred by scammers because they leave little recourse for recovering funds.
Protect Personal Content
- Never send compromising photos or videos to someone you’ve only met online. Scammers may use this content for extortion.
Share with a Trusted Friend
- Talk to someone you trust about your online interactions. Friends or family can offer a fresh perspective and may spot red flags you’ve overlooked.
Look Out for Loved Ones
- Educate family and friends about the signs of romance scams. If you notice someone close to you becoming secretive about an online relationship, it’s worth having a conversation to ensure their safety.
Breaking Up with a Scammer:
If you suspect you’re being targeted by a romance scammer:
- Stop all communication immediately.
- Do not send any money.
- Block the scammer on all platforms.
- Report the scam to the appropriate authorities. You can report the incident to the FBI’s IC3 or the Federal Trade Commission (FTC).
- Share your experience with others. Warning others about the scam can help prevent them from falling victim.
Remember: Love should never come with a price tag. Be cautious, be vigilant, and protect yourself from romance scams.
Mercer Savings Bank is committed to protecting our customers from financial fraud. If you have any concerns about a potential romance scam or any other suspicious activity, please don’t hesitate to contact us. We are here to help.
