So how do you avoid romance scams?
Knowing the risks is the first step in protecting yourself.
We list some facts along with a few tips to keep your heart andbank account safe.
Are You Looking to Save Money?
Being vigilant about scams is certainly one way to save more.
But is there anything else you could be doing?
We have some suggestions.
Romance Scams by the Numbers
A common misconception is that scams primarily affect older adults.
Love scams saw a shift after the pandemic, according to the Federal Trade Commission.
Victims arent limited by gender, either.
How Romance Scams Work
Romance scams dont only pop up ononline dating sites.
Scammers also use social media platforms.
Though incidents can vary, most online romance scams follow a similar pattern.
A scammer reaches out and gets to know you.
You make a connection.
At some point, your new Romeo or Juliet needs help.
They offer a convincing story that encourages you to send money or banking details.
Next thing you know, youve been swindled.
They leverage publicly available information from social media sites, public records and even the trash.
Everything can be faked and made to look legitimate, including websites, emails and caller IDs.
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Spotting Romance Scams
You dont have to give up on love to avoid fraud.
With a little diligence, it’s possible for you to spot a fake and avoid romance scams.
Here are some telltale signs you might be dealing with a swindler.
Even if youve met in person, be wary of anyone asking for financial help.
Keep in mind that scammers can be convincing.
The FTC reported $469,863,188 in monetary losses from love scams from all age groups in 2023.
Thats a 104% increase from the $229,302,771 in losses reported in 2019.
Requests for Information
A scammers bottom line is all about dollar signs.
It could be a sign theyre afraid their account might be reported and shut down.
Also, as Wilson points out, WhatsApp and Google Chat give fraudsters certain advantages.
They can work in teams and reply to messages 24/7.
Dating site scams can also quickly morph into another throw in of fraud known as an investment scam.
When satisfied with the amount invested, the scammer takes the funds and disappears, Alter said.
Protect Your Privacy
Scammers research victims.
Photos and recorded videos can be faked, but an impromptu request to video chat is tougher to manipulate.
Research Your Love Interests
If you develop an interest in someone, head straight to Google and start researching.
Start with their full name if you have it, and reverse image search their photo.
It used to be that the scammers copied pictures from other innocent peoples social media accounts, Grimes said.
Now they are mostly AI-generated.
Still, many times the sameAI-generated imageis used against multiple victims.
Report the Incident
Here are steps it’s possible for you to take torecover financial losses.
Need a Hand With Bills?
Listen, we know its tough out there.
But theres no shame in asking for help.
These companiesmake it easy to help yourself and your bank account.
Stephanie Faris is a professional finance writer with more than a decade of experience.
