In recent times, scammers have been getting more inventive, and when it comes to the most financially damaging scams in the US, romance scams top the list.
Romance scams have become more prevalent due to the advancements in technology, which have not only made all scams easier but also the targeted victims more vulnerable. According to CNN, in 2018 alone, over $143 million was swindled in romance scams, a number possibly underestimated. The Federal Trade Commission has raised concerns that these scams, which prey on the emotionally susceptible, result in higher financial losses compared to other reported scams. More than 21,000 individuals fell victim to romance scams in 2018, collectively losing $143 million.
What is even more alarming is the rapid increase in the frequency of romance scams. The monetary damages caused by these scams in 2018 were nearly four times greater than in 2015. The FTC reports that scammers are actively operating on dating apps and even on social media platforms not primarily intended for dating purposes. For instance, many victims claim that the scam initiated with a seemingly harmless Facebook message.
The primary strategy to safeguard oneself from falling victim to these scams is to refrain from sharing personal information or sending money to individuals you have not met in person. Accounts engaging people on dating or social media platforms are often fraudulent and managed by professional scammers. An important warning sign is if someone you are unfamiliar with attempts to transition communication from the platform you are on to more private channels like email at an early stage. Be cautious if the individual hastily professes love, as they are likely either deceitful or unstable. Most of these scammers pretend to be frequent travelers or internationally employed individuals and will fabricate financial crises to persuade you to send them money instead of seeking help from their own acquaintances. Ultimately, the vital rule is never to place your trust in someone you have not met face-to-face.
