How to avoid a romance scam this Valentine’s Day
Valentine’s Day is a time for love, but unfortunately, it’s also a prime opportunity for scammers looking to prey on hopeful romantics.
Romance scams cost Americans some $1.14 billion in 2023 alone. If you’re out there looking for love – or even just a new connection – you need to be on high alert this Valentine’s Day. Scammers have gotten more sophisticated, but with the right knowledge, you can protect yourself and your finances from heartbreak.
Romance scams come in many different shapes and sizes, but the goal is always the same: to manipulate you into sending money or personal information. Here are some of the most common schemes that have popped up over the past several years.
The Long-Distance Lover – This scam typically starts on dating apps or social media. The scammer pretends to be someone looking for love but claims to be working overseas (as a soldier, doctor or business person). They’ll spend weeks – or even months – building a relationship with you before suddenly needing money for an emergency, a flight home or a business investment.
ROMANCE SCAMS ON THE RISE AS AMERICANS LOOK TO DATING APPS FOR LOVE: 5 TIPS TO PROTECT YOURSELF
The Fake Profile – Scammers often steal photos from real people and create fake profiles to lure in their victims, especially on platforms now like Facebook that have an older audience. If the profiles seem too good to be true – it’s because they are. If their photos look like they belong in a magazine, do a reverse image search to check if they’ve been stolen from someone else.
The "I Need a Gift Card" Trick – Instead of asking for cash, some scammers request gift cards as a form of payment. This is almost an instantaneous tell. They’ll claim they need one to pay for a medical bill, a phone bill or even to for you to prove your love to them. Once you send them the gift card codes, the money is gone forever.
The Cryptocurrency Con – With Bitcoin crossing $100,000, more scammers are now convincing victims to "invest" in cryptocurrency. They might tell you they’ve made thousands of dollars and want to help you do the same. Once you send them money, you’ll never see it – or them – again. Some romance scammers will tell you they don’t need cash or gift cards but transfer them some cryptocurrency.
FBI'S NEW WARNING ABOUT AI-DRIVEN SCAMS THAT ARE AFTER YOUR CASH
The Sextortion Scam – If someone you meet online pushes you into sending explicit photos or videos, be wary. Scammers often use these images to blackmail victims, demanding money in exchange for keeping the content private. Once those photos are leaked on the internet, it’s very difficult to get them off.
Now that you know the red flags, let’s talk about how to protect yourself and your finances from these heartless criminals.
Be Skeptical of Online Strangers – If someone comes on too strong, too fast, it’s a red flag. Scammers will often declare their love within days or weeks, even if they’ve never met you in person. Real relationships take time to build, and no legitimate love interest will pressure you for money.
Verify Their Identity – Before getting emotionally invested, do your research. Use Google’s reverse image search to see if their profile picture appears elsewhere. If their social media seems new, has few friends, or lacks personal posts, that’s another warning sign. If you can’t find a LinkedIn profile or way to prove out that they are who they say they are, it’s super important to cut ties right away.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Never Send Money to Someone You Haven’t Met – This is the golden rule. No matter how convincing their story is, never send money, gift cards or cryptocurrency to someone you’ve only spoken to online. Scammers rely on emotional manipulation to get you to open your wallet. If they ask, walk away.
Watch for Excuses to Avoid Meeting in Person – A scammer will always have an excuse for why they can’t meet you face-to-face. This could be the No. 1 giveaway from a scammer. If someone truly loves you, why can’t they do a face-to-face meeting or even a face-to-face LIVE online meeting? Whether it’s a deployment overseas, a sudden work trip or a family emergency, they’ll keep dodging any attempts at an in-person meeting. If someone is constantly unavailable, it’s a red flag.
Report the Scam – If you suspect you’ve encountered a romance scam, report it to the Federal Trade Commission (FTC) at reportfraud.ftc.gov. You can also notify the dating site or social media platform where you met the scammer to help prevent them from targeting others.
CLICK HERE TO READ MORE ON FOX BUSINESS
Finding love online isn’t impossible, but it does require a healthy dose of skepticism – especially around Valentine’s Day when scammers are working overtime. Trust your gut, protect your personal and financial information, and never send money to someone you haven’t met in real life. Love should never come with a price tag, and the right person will never ask you to pay for their affection.
Stay safe, stay smart and enjoy Valentine’s Day without the heartbreak!