Show Me the Money: Romance Scams
(WHTM) — Scammers will do anything to trick you out of your cash; even using your heart to get to your wallet. Unfortunately, more and more people are falling victim to it.
“A romance scam is when someone uses the promise of a romantic relationship with you to build trust over time,” Claire Mchenry, President of the North American Securities Administrators Association said. “Once they’ve created that trust they’re going to start asking for money or for you to invest in something.”
Romance scams are on the rise. In 2022 the FBI’s internet crime complaint center received more than 19,000 complaints. In fact, the FTC says in the past five years people have lost $1.3 billion to romance scams, which is more than any other fraud category.
“Even though we know that just about anybody can fall for these types of scams, it often targets older investors, Mchenry added.”
Mchenry says that it can start with a text message, social media post, or even a message on a dating app. The scammer will create a fake story to get you interested – the relationship will move quickly and that is when they strike!
“They’ll start asking you for money and they may even threaten to end the relationship if you don’t give it to them, but we’ll also see they use your fear of missing out on the next big thing against you, but when it comes to these types of investments, left out is often the best place to be,” Mchenry says.
The investments aren’t real, the links they send you are fake, and it is all designed to get your hard-earned money.
“What are some of the warning signs? A warning sign that someone may be the victim of a romance scam is they’re making excuses not to meet with you,” Mchenry warns. “They’re often traveling for work or they live in another country.”
Another red flag is that scammers will ask for secrecy by telling you to keep the relationship or the investment to yourself. So how do you protect yourself?
Remember that knowledge is power.
“Do your research and ask lots of questions. If you don’t understand the answers just don’t invest,” Mchenry says.
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