According to the FBI, romance scams occur when a criminal adopts a fake online identity, usually on a dating or social media site, to gain a victim’s affection and trust. The scammer then uses the illusion of a close relationship to steal from the victim.
The scammer’s intention is to establish a relationship as quickly as possible, endear himself to the victim, and gain trust. Scammers may propose marriage and make plans to meet in person, but that will never happen. Eventually, they will ask for money.
If someone you meet online needs your bank account information to deposit money, they are most likely using your account to carry out other theft and fraud schemes.
According to the Federal Trade Commission, people reported a record $547 million in losses to romance scams in 2021. That’s up about 80% from the reports the FTC got in 2020. In 2021, people reported paying romance scammers more with gift cards than with any other payment method. The 2021 reports also showed that cryptocurrency payments were the most costly.
If someone becomes a victim of a romance scam or other form of fraud, they should report it as soon as possible to their financial institution, the FTC, local law enforcement, and the FBI.
With Valentine’s Day coming soon, make sure you and your customers or members understand how to recognize, avoid, and report romance scams using the tips and resources available from the FBI and the FTC:
FBI
FTC
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