Beware of Romance Scams

Americans lost over ONE BILLION DOLLARS due to romance scams in 2023. And many victims won't report due to shame or embarrassment. 

Most romance scams start with fake profiles on online dating or other social media sites created by stealing photos and text from real accounts or elsewhere. Romance scammers trick their victims into thinking they're someone they're not. For example, they may portray themselves as working on an oil rig, in the military or as a doctor with an international organization.

Scammers quickly profess their love and tug at the victim’s emotions with fake stories and their need for money. They often request money for reasons such as a plane ticket, other travel expenses, and customs fees. Once trust is established, the victim may be more easily convinced to send their sweetheart money, provide access to their financial accounts by sharing login credentials, and, in some cases, even launder funds for them

Victims become money mules

Unfortunately, in many situations, the victim unknowingly becomes a money mule. A money mule is someone who transfers money illegally on behalf of others. After developing a trusting relationship, the fraudster convinces their victim to open a financial account, or use their existing account, under the guise of sending or receiving funds. Shortly after, the account is used to funnel money from any number of illegal activities. If the account is flagged by the financial institution, it may be closed, and the fraudster will either persuade the victim to open a new account elsewhere or move on and begin grooming a new victim.

Scammers often will drain the victim of their life savings, if possible. According to the Federal Trade Commission, consumers lost $1.14 billion to romance scams in 2023. In fact, three individuals involved in moving more than $3.5 million for an overseas-based romance scam network were recently sentenced.