As the world becomes ever more digital, online scammers are finding new ways to weasel into the hearts—and wallets—of well-meaning individuals. These romance scammers are professional criminals who know how to make you fall in love with them and then pressure you into sending them your hard earned money. Anyone who searches for love on the internet can be a target. However, you can protect yourself by taking certain precautions. In this post, you will learn 8 skills to safeguard your finances and well-being.
What is a Romance Scam and How Does it Affect You?
Romance scams are operated by professional criminals. Online, these criminals will appear as trustworthy, attractive individuals searching for love. In reality, they are running a scam that will leave their victims broke and heartbroken.
Of course, those who search for love online are the most easily targeted. Even if you don’t use internet dating apps or connect with strangers on social media, you likely know someone who does. While there are countless stories of genuine and lasting relationships that began through digital means, it is important to be aware of potential threats.
Anyone from a widowed, elderly father to a young teenage daughter can be caught up in a scam. Knowing the red flags and what you can do about them will go a long way toward keeping you safe.
Eight Ways to Spot a Romance Scam
A single red flag may not be a cause for concern. However, the more red flags there are, the more likely you may be dealing with a scammer.
- They have no identity online. While many folks prefer to live life without social media, it should quirk the brow if they claim to be wealthy and/or famous but have no digital trail.
- They ask you to open a new bank account where they can send you money. Once money is deposited, they may ask you to transfer excess funds to a different account. This may seem innocent, but it can actually be a case of money laundering, where you are inadvertently acting as their money mule.
- They have nearly all the same interests, belief systems, and life plans as you. They might even claim to have grown up near your childhood hometown. This can be an attempt to win your trust by exploiting an affinity bias.
- They constantly have excuses why they can’t meet you in person, perhaps citing that they live in another country or are in the military abroad. They may go as far as promising to meet you, but then bailing at the last minute.
- They ask you to send them money. They might claim that their son/best friend/aunt is in dire financial trouble. Perhaps even the potential scammer will have a “crisis” of their own. They might tell you they are in the hospital, in jail, or need cash to fix their car.
- They ask you to wire money out of the country. Gift cards and money orders are also popular cash carrying vehicles for scammers.
- They will pressure you to send money quickly and without thinking. Using deadlines like “immediately” or “by tomorrow” are designed to make you act urgently, rather than questioning their story.
- Their profile pictures come up with different aliases on a reverse image search. This is almost a sure sign of a scam. By using the “reverse image search” function on a search engine, you can tell if the photo has been stolen from someone else’s legitimate profile.
What To Do If You Think You’re Being Scammed
The first thing to do if you think you have been scammed is to cut off contact and report the scammer’s profile to the social media provider. Contact your bank immediately if you have sent money, gift cards, or other financial gifts to the scammer. TAB Bank, like many other financial institutions, has a dedicated fraud department that will investigate the scam and try to recover your money where possible.
No Shame Necessary
If you have been the victim of a romance scam, you are not alone. In 2022, more than 70,000 romance scams were reported and a total of $1.3 billion dollars stolen. While these losses are certainly terrible, it should be recognized that the fault lies entirely with the perpetrators of the financial crimes, and not the victims.
Still, there is value in knowing the signs of a romance scam to protect yourself and others. You can prevent future would-be victims simply by learning and spreading awareness about romance scams.
Since its founding in 1998, TAB Bank has been committed to transparency, empowerment, and an unrelenting focus on the well-being of our community, our customers and our employees. For more information about other types of financial threats, visit the TAB Bank Customer Security page.
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