Tugging at Your Purse Strings

Online Romance Scams Can Break More Than Just Your Heart

Falling in love can make anyone vulnerable. Shady cybercriminals know this and are all too eager to steal hearts and much more.

According to the FBI, a romance scam occurs when someone creates a fake online profile and fakes romantic interest to gain trust to steal the victim’s money or personal information. Also known as “catfishing,” romance scams can be devastating, both financially and emotionally.

Nearly 70,000 people reported being the victim of catfishing in 2022, and losses hit a staggering $1.3 billion, according to Federal Trade Commission statistics. But actual losses are likely much higher — romance fraud is grossly underreported due to its sensitive nature.

Romance scammers often prey on older people, who may be divorced or widowed. Online dating apps are just one place they lurk. They also reach out through popular social media sites like Facebook and Instagram. They target victims’ insecurities and work to develop intimacy as quickly as possible — a practice known as “love bombing.” Scammers attempt to make the victim feel special or like they’re the “only one who gets” the culprit.

Sometimes a scammer will ask for a short-term loan to get out of a bad situation and start a new life with the victim. Or, they’ll say access to a credit card would smooth the way to a relationship. Other gifts include asking for money to cover the customs charges for an expensive gift, or a crypto investor who wants to help the victim cash in on the trend.

Despite the warning signs, victims are often too lovestruck to realize it’s a swindle.

Romance scam victims can be male or female, young or old. Their only common denominator is that they believe in true love, and they feel they have found it.