Beware of Romance Scams

Have you ever used an online dating website? If so, you might have unknowingly crossed paths with a romance scammer. People are falling prey to these scams every day. Scammers craft fake profiles, using stolen photos and fabricated stories to lure in unsuspecting victims, all while plotting to exploit them financially. The Federal Trade Commission reported a loss of $1.14 billion to romance scams in one year alone. Shockingly, around 18% of those who lost money to these scams did so after connecting with their scammer on a dating site or app, while 40% met their fraudster through social media. In this blog, we’ll share valuable tips on how you can protect yourself from romance scams.

Key Points

• Scammers build emotional trust first, then create urgent reasons to ask for money.
• Requests for money or financial details are major red flags, especially from someone you haven’t met in person.
• Knowing the warning signs can help protect your finances and personal information before it’s too late.

How to Spot a Romance Scam

 

Romance scams typically target individuals seeking love on online dating platforms. Scammers will manipulate their victims into thinking a romantic connection is blooming between them. Once the victim forms an emotional connection, the scammer will convince them they are in love… and that’s when the requests for money begin. It’s typical for scammers to ask for money while avoiding ever seeing the victim in person. 

 

Common excuses for not meeting in person include:

• Living overseas
• Stuck in the hospital
• In the military
• Working long hours

Reasons for Needing Money

 

Scammers will come up with all types of reasons for needing money. They may seem like legitimate reasons, but they’re not. These scenarios include:

• Visa and travel documents
• Plane tickets
• Medical expenses
• Gambling debts
• Custom fees
• Money for relatives

Receiving Money

 

Scammers want money fast with no strings attached. Whether it’s once or multiple times, our Fraud Specialist here at Launch CU says people can drain life savings before they know it. 

 

According to Experian, scammers will often ask to be paid with methods that are harder to track, such as cash, wire transfer, money order, cryptocurrency, or gift cards. Always be sure to verify the identity of anyone asking you for money.

Avoiding These Scams

 

The #1 way to avoid these scams is to NEVER send money to someone you’ve met online. Protect yourself and your sensitive information by using these tips:

• Never give personal info: social security number, address, etc.
• Never disclose banking credentials
• Never reveal the amount of money in your accounts

If someone you met online is requesting money from you, consider that a red flag. The best thing you can do to protect yourself is to block that person and report them. Remember, scammers are very manipulative and convincing. It may seem like you have a real romantic connection with them but it’s all a part of their plan. For more information on how to stay safe online, check out our blog, 6 Tips for Staying Safe on Social Media. 

If you’re a member of Launch CU, be sure to enroll in Digital Banking so you can have card controls at your fingertips.

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