While Valentine’s Day is a time to celebrate love, federal agencies as well as tech companies are warning about a darker reality: romance scams.
Fraudsters pose as potential partners and prey on lonely individuals. They steal thousands of dollars, often under the guise that they are looking for love and companionship.
The Federal Bureau of Investigation describes romance scams online as schemes where criminals use fake identifies to gain the trust of a victim before manipulating them to send money.
These scammers will often claim that they are working in the military or construction overseas, and use distance as an excuse not to meet in person.
The scams are at an alarming level. According to the Federal Trade Commission, Americans will lose over $1.14 billion in romance fraud by 2023.
In the first nine-month period of 2024, losses reported reached $823 million.
Experts believe that these figures are likely to be significantly under-reported as many victims are too ashamed to come forward.
Meta takes on romance scams
Tech companies have increased efforts to detect and remove fraudsters from social media platforms.
In a Wednesday note, the social media giant Meta talked about a major romance scam network that posed as US Military personnel on Facebook. Instagram, Threads. TikTok. Pinterest. YouTube.
Meta revealed that scammers often posted about “feeling lonely or looking for love” before moving conversations to WhatsApp or Telegram or Facebook Messenger, often using Nigerian numbers.
The scammers then requested wire transfers or gift cards online, citing fabricated costs such as long distance phone calls or postal charges for a romantic present.
Meta removed over 408,000 accounts in 2024 from countries such as Nigeria, Cote d’Ivoire Ghana, Benin and Cameroon.
These accounts targeted individuals in Australia and the UK as well as the EU, US, South Korea Syria, Japan and Ukraine.
Over 116,000 Facebook and Instagram accounts were also removed for engaging in similar fraud activities.
Moody’s warns that romance scams are a risk to banks
According to a Moody’s report, 1,193 entities and individuals have been linked to romance scams since 2024. This is the highest number in six years.
The United States accounted 38% of all new scam profiles. Nigeria (14%), India (12%), the UK (11%), Malaysia and China (5%), followed by.
During the COVID-19 pandemic people who were isolated sought emotional connections.
Moody’s noted while new romance scams in its database decreased by 29% in 2019, they spiked by 57% by 2021, as global lockdowns fuelled online relationships.
The report also highlighted risks for banks who face reputational damage as well as fines if the fail to detect and stop money laundering linked to romance scams.
Romance scams linked to cryptocurrency fraud are on the rise
A new report by Comparitech shows financial losses are still severe, even though reported romance scams have dropped by 6% since 2023.
Scammers are increasingly combining romance scams with cryptocurrency investment schemes to deceive victims into transferring money under the pretense that they have love and financial opportunities.
Arizona had the highest scam rate per capita while California had the highest total losses with $104.8 millions from 6,687 cases.
Fraudsters are increasingly posing as romantic partners and then convincing victims to invest in phony crypto ventures.
According to the Internet Crime Complaint Center, romance scams involving cryptocurrency fraud will result in $215.8 millions in losses by 2023.
A report published on the 13th of February highlighted “Operation Level Up,” a program designed to prevent victims from falling victim to “pig butchering cryptocurrency scams.”
According to the report the operation has helped potential victim avoid losing approximately 285 million dollars to fraudulent investment schemes.
By January 2025, FBI had reached out to more than 4,300 people who were at financial risk.
One person was on the verge to invest $1 million, and another planned to sell their house for $500,000 in order to fund a fraudulent investment.
Both individuals resigned from the schemes after the FBI intervened, preventing them from suffering devastating losses.
How to protect yourself against online romance fraud
Cybersecurity experts emphasize the importance of being vigilant when interacting with strangers on the internet.
Rachel Tobac, a cyber safety expert and ethical hacker who specializes in romance scams, suggests three steps to identify them.
Be politely suspicious – many scammers use stolen or fabricated identities. Reverse image search their profile picture to see if it appears on multiple accounts.
Beware of financial requests. If someone you just met online asks you for money, your bank account information, or any other sensitive personal information, it is likely a scam.
Relationships that are genuine don’t begin with financial requests.
Encourage second opinions. Victims are often under emotional pressure.
Encourage a family member or friend who is in a relationship online with someone they have never met to talk with a trusted confidant first before sending money or sharing sensitive data.
This post Romance scams rise as fraudsters take advantage of love and cryptocurrency could be updated as new information becomes available
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