How to Protect Yourself from One of Today's Fastest-Growing Financial Threats
Romance scams have become one of the most financially devastating forms of consumer fraud. The Federal Trade Commission (FTC) reports a sharp rise in overall fraud losses due to increasingly sophisticated scam tactics.
Why Romance Scams Are Growing
- Scammers Are Becoming More Sophisticated: Fraudsters now use AI‑enhanced impersonation and social‑media targeting to build trust quickly. Fake personas have contributed to billions in scam losses globally.
- More Scams Begin Online: Most modern romance scams begin through dating apps, social media, or online ads. Losses from scams that start online exceed $3 billion, far surpassing scams initiated through email, phone, or text.
- Payments Are Harder to Reverse: Scammers prefer payment methods that are fast and irreversible such as wire transfers and cryptocurrency.
Common Tactics Used in Romance Scams
- Rapid Emotional Intensity: Scammers often profess strong feelings quickly to establish emotional dependence.
- Crisis Scenarios: They create urgent, believable crises, such as; medical emergencies, unexpected legal troubles, urgent travel expenses and business setbacks.
- Requests for High-Risk Payments: Methods commonly used include; wire transfers, cryptocurrency and gift cards/prepaid cards.
- Excuses to Avoid Video Calls or In-Person Meetings: Common excuses include military deployment or overseas business.
How to Protect Yourself
- Slow Down and Verify: If someone you’ve never met in person asks for money, step back and verify their story through independent sources.
- Never Send Money or Financial Information: No legitimate romantic partner will ask for your bank info, crypto transfers, or gift cards.
- Reverse‑Image Search Their Photos: Many scammers use stolen images from social media or stock sites.
- Talk to Your Bank: Your bank can help identify suspicious activity and stop transfers before money is lost.
- Report the Scam Immediately: Call us at 203.426.2563 and/or you can report to ReportFraud.FTC.gov