Valentine’s Day may have just passed, but romance scams are something that could hurt your heart and your wallet at any time of year. In fact, the Federal Trade Commission (FTC) just issued a warning that romance scam losses spiked by 80% in 2021 to $547 million, with the median consumer loss being $2,400.
During COVID more people have turned to online dating sites and social media to meet others. Unfortunately, while these platforms may have made it easier than ever to meet new people and find dates, they’ve also made it easier to be scammed. Con artists create compelling backstories, and full-fledged identities, then trick you into falling for someone who doesn’t exist. This form of deception is known as “catfishing.” Better Business Bureau’s (BBB) has witnessed a growth in romance scams in recent years.
BBBs across North America received 276 reports on romance scams in 2021 and the numbers in early 2022 have already doubled those reported in the same period in 2021. Victims report that they were befriended and tricked into relationships with fraudsters whose sole aim was to get money and/ or credit card information from them.
With the pandemic still a part of our lives, BBB encourages those looking for love to be wary of fraudsters. Don’t let your quest for love blind you to the realities of romance scams. Online dating sites are popular, as many singles use technology to find a match. But behind many dating profiles lurk scammers who are ready to dupe users into believing they have found love.
If you see a family member or friend falling for what you believe is a romance scam, now is the time to share these warnings. These scammers can disappear as quickly as they appeared.