Romance Scams
February is the LOVE month; do you know how to spot red flags when it comes to romance scams?
Our Community Credit Union is dedicated to educating our community and members on top ways to identify scams currently happening.
Romance scams have been around for a long time, but they really spiked during the COVID 19 pandemic. During the pandemic it was difficult for people to interact face to face due to the restrictions, but this was perfect grounds for scammers to get money out of you. These scammers would use the excuse of “We can’t meet in person, there are travel bans”.
Red flag #1: If someone refuses to meet you in person or video chat it’s probably not a good sign. Sometimes they will schedule that meeting with you and then last-minute cancel on you, again not a good sign.
These scammers use manipulation tactics to coerce you into sending them money. The term “love bombing” is often used when describing how these scammers get into your brain. They send you lots of attention, tell you how much they love you and show you how much they care. Once they have you sucked in, they begin asking for small favors. “My car broke down, I need some money, can you send me a gift card?”
Red flag #2: Asking for funds. By starting out small they can gain your trust and get you to send even more money further down the road.
Social media is a common place for you to get in contact with these scammers. Often once they have connected with you, they will ask you to move communication through email or text message. Social media sites often have security in place that will pick up on communications and it will flag you, which is why they move the conversation elsewhere.
If you believe you have started a relationship with someone online, please be cautious. Here are some protective measures you can take if you are unsure that the relationship is legitimate:
Ask lots of questions to get to know this person.
Check the photos they are using with Google reverse image search.
Be wary of overly complimentary emails or flirty texts.
If you suspect something is up, notify the social media or dating website immediately.
Here are some best practices in protecting yourself and your finances from scammers:
DO’S
Pay close attention to your accounts. Monitoring often will help catch inconsistencies.
Be careful of what you click on. Malicious links and downloading things to your phone can result in things happening that you don’t know of. Pay attention to what the link or pop up says.
Reach out if you need assistance. Always report these types of things to the FTC and your financial institution. The more reporting that is done, the more education we can get out to everyone else, so that we can prevent others from falling victim to these crimes.
DON’T’S
Send money to someone you have never met in person.
Give out your online banking information. This is yours and only yours to access your accounts.
Give out personal information over the phone, via text or email.
Don’t ignore red flags or inconsistencies when communicating.
*In 2022, the FTC reported 70,000 cases involving 1.3 billion dollars in losses related to romance scams. In these cases, 40% of the victims reported that the contact started on social media.