Love and Money
Valentine’s Day is approaching, and with romance in the air, many people are opening their hearts, looking for love or friendship on online dating apps and social networking sites. But instead of finding that special someone, many instead find a scammer trying to trick them out of their money.
According to a 2024 survey by FHE Health, 53% of men on online dating apps reported being a victim of a romance scam; 47% of women who used these services reported being a victim. This alarming statistic highlights the importance of being vigilant and aware of the tactics used by these scammers.
How a romance scam works
Romance scammers create fake profiles on dating apps or contact their victims through social media like Instagram and Facebook. They build the relationship quickly, often texting, calling, or emailing multiple times a day. Then it starts: the first request for money is made. They might claim to need funds for a plane ticket to visit, a family emergency, or some other urgent situation. The requests can be very convincing, playing on the emotions and trust of the victim.
That’s not to say true love can’t be found online. But vulnerability needs guardrails and a healthy dose of common sense and awareness. It’s crucial to recognize the signs of a scam to protect yourself from potential heartbreak and financial loss.
There are two primary ways romance scams happen: The victim willingly gives money to the fraudster, or they share their online banking credentials, giving the fraudster direct account access and the ability to drain their accounts. It generally looks something like this:
- The scammer says they can’t meet in person. They might say they’re living or working outside the country or in the military.
- The scammer asks for money. It may be to buy a plane ticket to finally meet or to pay for a family emergency. It’s urgent, and they don’t have or can’t access money. They may also convince you to send them money via cryptocurrency.
- The scammer instructs how to pay. They want your money quickly and in a way that makes it difficult or impossible to get it back. They may ask their victim to:
- Use a money wire service or wire transfer funds to a relative or friend of the love interest
- Send money via Zelle® or a money transfer app
- Transfer cryptocurrency or deposit cash into a cryptocurrency ATM
- Purchase gift cards and give them its number to redeem it
- Share online banking credentials
Watch for red flags
Be wary anytime someone asks you to move money or tells you what to say to the bank as the reason you’re moving or withdrawing money. Do not trust anyone you haven’t met in person or with whom meeting plans continue to be postponed. Be suspicious if you are asked to change how you communicate, such as moving the conversation from a dating site to WhatsApp or another platform. And if you’re asked to deposit money into your account and then send funds elsewhere or withdraw cash to deposit into a Crypto ATM, don’t do it.
If you suspect a romance scam:
- Stop all communication with that person immediately.
- Listen to your banker and answer honestly; they are looking out for your best interest.
- Talk to a trusted family member.
Additionally, report the scam to the dating app or social media platform where you met the scammer. You can also file a report with the Federal Trade Commission (FTC) and your local law enforcement. Taking these steps can help protect others from falling victim to similar scams.
Remember, while online dating can lead to meaningful connections, it’s essential to stay cautious and protect yourself from those who might take advantage.
Fraud can happen to anyone. If you think you’ve been a victim, call Umpqua Bank immediately at 866-486-7782.
For more tips and security suggestions, be sure to check out our other Focus on Fraud topics, including:
