In 2022, it was estimated that almost 70,000 people reported romance scams that cost victims as least $1.3 billion dollars. The average individual lost $4,400.
https://www.theregister.com/2023/02/10/romance_scammers_cost_victims_13b/
We all know Valentine’s Day was last week and as it happens every year men and women spend close to a fortune on chocolates, flowers, dinner, gifts, and the list goes on. As a matter of fact, it is estimated that just last week, Americans would spend close to $25.9 billion dollars on Valentine’s Day. And that doesn’t include the Valentine’s Day scams that happen online.
In 2022, it was estimated that almost 70,000 people reported romance scams that cost victims as least $1.3 billion dollars. The average individual lost $4,400.
The Federal Trade Commission tracks these sorts of scams and have identified several of the “favorite” lies scammers use to exploit money. The most common is, “I, or someone close to me, is sick, hurt or in jail.” Another is, “I can teach you how to invest.” Another popular line is, “I’m in the military far away.”
Many romances begin online through Facebook, Instagram, Snap Chat, or another social media platform. Scammers create a fake profile with an attractive photograph, and they begin looking for a potential victim. Once they decide on someone, they view their profile and find out what they like, dislike and then send a flirty message to the potential victim. The victim thinks they are chatting with someone truly interested and becomes vested in a potential relationship, not realizing they are being attacked. The scammer usually changes the communication portal from FB or Instagram to WhatsApp, Google Chat or Telegram because these apps are more encrypted and offer the user more privacy. There is always usually an excuse as to why a face-to-face meeting can never take place and is so convincing, the “relationship” continues. Once the scammer feels that the emotional connection has gotten strong, they soon begin asking for money.
Cryptocurrency has become one of the largest ways for scammers to elicit money. It has become known as “pig butchering” throughout the United States and Europe. It doesn’t sound very sophisticated, but in January 2023 in Europe, police arrested 15 suspected scammers and shut down a multi-country network of call centers. These centers were stealing euros from its victims by selling them fake crypto. In November 2022, the United States seized seven domain names where victims were scammed out of more than $10 million dollars.
Sextortion is another way scammers obtain money. We’ve all heard of the “not suitable for work” (NSFW) photos that are sent via texts, messages or by some way on social media. Scammers will often ask for these. Once a photo is sent, they will threaten to publish them unless the victim pays them money. Sextortion victims are mostly between the ages of 18-29, with Instagram and Snap Chat being the main point of contact among victims.
Unfortunately, most victims never receive back the money they have sent through a pig butchering or sextortion scam. It is important to be vigilant with your social media and online use and learn to spot a scammer in the act. Always report a potential scammer to the social media platform and also to the FTC.
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