Tracking #596339 (Exp. 06/27)
Romance Scams
Romance scams are a popular way for cybercriminals to exploit individuals to commit financial fraud. These scams are also referred to as online dating scams and they affect individuals of all ages. Online dating apps and social media have become an increasingly popular way to meet people and, unfortunately, bad actors are exploiting these platforms to commit fraud. According to the 2023 IC3 report, over the past 3 years, there have been around $2.3 billion worth of losses as a result of romance scams.
How does a Romance Scam work?
The scams start with the bad actor creating a fake online profile for dating apps or for social media. They will meet a person online and then trick that person into thinking that they are in a romantic relationship by communicating regularly to gain a level of trust. Once trust is gained, the bad actor asks their victim for money to complete the scam. These scammers will ask for payment in forms of gift cards and third-party payment apps in order to keep it under the radar.
Tips for Avoiding Romance Scams:
- Don’t send money to anyone you haven’t met in person.
- Cryptocurrency, gift card and wire transfer requests are frequently used by scammers to commit fraud; be wary of these requests.
- Ask questions and look for inconsistencies in the responses received.
- Try to do a reverse-image search of the profile picture.
- If the picture is associated with another name or the details are inconsistent, it’s likely a scam.
- Talk to a close friend or family member about your new companion to see if they have any concerns.
What do I do if I am the Victim of a Romance Scam?
- Immediately cease your communication with the bad actor
- Report the bad actor’s profile to the dating or social media app where the initial contact was made.
- If financial information was provided, contact the associated companies to request new accounts be opened.
- If personal information was provided, consider contacting the credit bureaus to freeze your credit.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This material was prepared by LPL Financial, LLC