You’ve likely heard the story before–an innocent, unsuspecting victim of fraud who lost thousands of dollars to who they thought was an online romantic partner. They meet someone online and sparks begin flying, but after a series of emotional manipulation, sense of urgency and lies, they lost their money to someone they thought they knew and loved.
While these scams seem straight out of a psychological thriller, they happen all the time and the number of victims is higher than ever before. In 2022, the Federal Trade Commission reported $1.3 billion stolen from the victims of these scams.
If you have connected with a love interest online or are participating in online dating, there are a few warning signs you can look out for to protect yourself and your finances.
These fraudsters use online dating apps and social media sites to look for their victims and communicate with them. They will form a relationship with their victims and rely on emotional manipulation, urgency and “connection” to convince them to send money. Often, they will request money through the form of gift cards, money wires or through Bitcoin/Bitcoin ATMs.Never send money to someone you don’t know. Even if they ensure you that the transaction is secure, remember that both your financial information as well as your money is for you to have control over.
They will use excuses such as work, family, health or other lies to justify why they are unable to meet face-to-face. They might tell you they live in another state, when in reality, they are on the other side of the world. If you are pursuing an online relationship and the person you are communicating with does not want to meet even after months of talking, it could be an indicator that they are not who they seem.
Part of the reason these scams are successful is because of the effort these scammers put in to create the illusion of love. It might seem almost coincidental how much you have in common or how easy your bond is. That is because they will use manipulation and lies to seem like your perfect partner.These scams aren’t always short lived, in fact, the communication can go on for months or even years. When someone has your trust, it’s easy to let your guard down and believe whatever they tell you. Know that you are in complete control of your privacy, and it is crucial to not only protect your information, but to guard your finances and not send money to someone you only know online.
